payu board: PayU makes five new additions to board, Laurent Le Moal joins as non-independent director
PayU Payments, the Indian fintech arm of Dutch multinational Prosus, has appointed five new members to its board of directors as it looks to strengthen its corporate governance and risk management practices.
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PayU has appointed Renu Sud Karnad, president of International Union of Housing Finance (IUHF) and former managing director of Housing Development Finance Corporation (HDFC), as chairperson and independent director to its board, the payments company said on Wednesday.
Laurent Le Moal, who stepped back from the role of global PayU CEO in October last year and continued as an advisor, has joined as a non-independent director to the board.
Jan Bune, who has previously served as independent chairman to the risk advisory committee at PayU, has also joined the board as non-independent director.
Gopika Pant, managing partner at Indian Law Partners, and Jairaj Purandare, founder chairman of JMP Advisors, too, have joined the board as independent directors.
The new directors join chief executive officer Anirban Mukherjee and chief finance officer Arvind Agarwal on the board of PayU India, taking the total board strength to seven members now.
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“We’re delighted to have built an outstanding board to offer us counsel and guidance as we build a full stack of digital financial services to serve India, advance digitisation and drive financial inclusion,” Mukherjee said in a press statement on Wednesday.PayU took an India-centric strategy after selling its global operations to Israel-based fintech service provider Rapyd in August last year.
By October, PayU India head Mukherjee was elevated to CEO of global parent PayU, taking on additional responsibility for its remaining markets of India and Southeast Asia.
The board additions also come in at a time when PayU India is working towards a public listing and has begun the process internally, ET had reported on August 2.
Last year, PayU also brought in Agarwal as CFO, who had previously led cosmetic brand Nykaa through its bumper listing in 2021.
PayU, which offers digital payments and credit in the local market, is still awaiting final decision of the Reserve Bank of India (RBI) on its payment aggregator licence after it resubmitted its application.
Until then, it is barred from onboarding newer merchants for its payment gateway platform even as rivals Cashfree and Razorpay begin fresh signups.
In January, last year, PayU India was asked by the Reserve Bank of India (RBI) to reapply for the payment aggregator licence, ET had first reported.
As regulatory scrutiny increases, fintechs locally have bolstered their governance and risk management practices.
For instance, in April last year, Razorpay set up an independent advisory board and hired former deputy governor of the Reserve Bank of India N Vishwanathan, along with others to help it strengthen these practices.
PayU Payments, the Indian fintech arm of Dutch multinational Prosus, has appointed five new members to its board of directors as it looks to strengthen its corporate governance and risk management practices.
![]()
PayU has appointed Renu Sud Karnad, president of International Union of Housing Finance (IUHF) and former managing director of Housing Development Finance Corporation (HDFC), as chairperson and independent director to its board, the payments company said on Wednesday.
Laurent Le Moal, who stepped back from the role of global PayU CEO in October last year and continued as an advisor, has joined as a non-independent director to the board.
Jan Bune, who has previously served as independent chairman to the risk advisory committee at PayU, has also joined the board as non-independent director.
Gopika Pant, managing partner at Indian Law Partners, and Jairaj Purandare, founder chairman of JMP Advisors, too, have joined the board as independent directors.
The new directors join chief executive officer Anirban Mukherjee and chief finance officer Arvind Agarwal on the board of PayU India, taking the total board strength to seven members now.
Discover the stories of your interest
“We’re delighted to have built an outstanding board to offer us counsel and guidance as we build a full stack of digital financial services to serve India, advance digitisation and drive financial inclusion,” Mukherjee said in a press statement on Wednesday.PayU took an India-centric strategy after selling its global operations to Israel-based fintech service provider Rapyd in August last year.
By October, PayU India head Mukherjee was elevated to CEO of global parent PayU, taking on additional responsibility for its remaining markets of India and Southeast Asia.
The board additions also come in at a time when PayU India is working towards a public listing and has begun the process internally, ET had reported on August 2.
Last year, PayU also brought in Agarwal as CFO, who had previously led cosmetic brand Nykaa through its bumper listing in 2021.
PayU, which offers digital payments and credit in the local market, is still awaiting final decision of the Reserve Bank of India (RBI) on its payment aggregator licence after it resubmitted its application.
Until then, it is barred from onboarding newer merchants for its payment gateway platform even as rivals Cashfree and Razorpay begin fresh signups.
In January, last year, PayU India was asked by the Reserve Bank of India (RBI) to reapply for the payment aggregator licence, ET had first reported.
As regulatory scrutiny increases, fintechs locally have bolstered their governance and risk management practices.
For instance, in April last year, Razorpay set up an independent advisory board and hired former deputy governor of the Reserve Bank of India N Vishwanathan, along with others to help it strengthen these practices.
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