Leadership reshuffle at PayU ahead of IPO: Report
According to media reports, PayU global CEO Laurent Le Moal and CFO Aakash Moondhra are on their way out of the company. This marks the key leadership changes ahead of PayU’s potential IPO next year.
After selling its global payments organisation to Israel-based Rapyd, Prosus-backed fintech company is likely to see key leadership changes. Global CEO Laurent Le Moal and CFO Aakash Moondhra are likely to exit the company, according to reports.
These exits precede PayU’s public listing plans slated to happen in 2024, reported The Economic Times.
According to ET, Prashanth Ranganathan, CEO of PayU Credit, is also likely to exit the company. He was the founder of the consumer lending company PaySense, which was acquired by PayU Credit in 2020.
YourStory has reached out to PayU for a confirmation, but the company has not responded at the time of publishing this article.
The report added that India CEO Anirban Mukherjee is likely to take over as global CEO of PayU’s business after Le Moal’s exit.
PayU has managed to hive off 25 markets of the 28 it has a presence in over the last few years, the report added. India continues to be PayU’s largest market, according to Prosus’s latest annual filings.
For FY23, PayU India contributed 51% to its global business. The India business generated revenue of $399 million, up 31% from the year-ago period. The company’s India business works with over 450,000 merchants and more than two million credit customers.
Apart from India, PayU also has a presence in Turkey and Southeast Asia.
Edited by Suman Singh