PayU India's Chief Executive Officer, Anirban Mukherjee, has been elevated to a global role as the CEO of PayU as the company seeks to adopt an "Indian-focused strategy" for the payments giant.
Mukherjee will now join Prosus' leadership team, which owns PayU Payments Pvt. He will be reporting directly to Ervin Tu, the interim chief executive officer at Prosus and Naspers.
The current CEO of PayU, Laurent Le Moal, will remain with Prosus and PayU in an advisory capacity.
“As part of the transition to an Indian-focused strategy for PayU, now is the right time for Anirban to run the PayU business. Innovation and progressive regulation are driving rapid change within the digital payments industry in India, and we see many opportunities to support the next phase of growth for PayU," said Tu in a statement.
The company said that India presents an "exceptional opportunity with a thriving fintech ecosystem, spurred by progressive regulations."
The management rejig also comes about two months after Netherlands-based investor Prosus sold a part of PayU to Israeli fintech Rapyd Financial Network (2016) Ltd. for about $610 million. At the time, it had said that the sale will enable PayU to focus on the large payments and fintech opportunity in India.
Also Read: Prosus To Sell PayU Unit For $610 Million
"Our focus is to fortify our position by placing our customers at the core of our operations, capitalising on India's immense fintech potential, and concurrently establishing the highest standards of governance, risk mitigation, and compliance to align with the regulator's progressive vision for India's financial ecosystem," it said on Tuesday.
“PayU is built in India for India and beyond, and today we run a successful payments and credit business riding on a locally rooted technology stack. Our ambition is to outpace the market with strong profitability...The synergy of the government's Digital India initiative and the RBI's forward-thinking regulation presents a significant opportunity for PayU to build a robust fintech franchise out of India," Mukherjee said.
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