Vijay Agicha, who was the Chief Investment and Transformation Officer at PayU, has stepped down from his job. People familiar with the situation say he might start working with an investment company to focus on fintech. His resignation comes shortly after Suresh Rajagopalan, the former CEO of Wibmo, another company owned by PayU, also left.
PayU has seen many leadership changes since it sold its global business to Rapyd, a fintech company from Israel, in August 2023. In September 2023, Laurent Le Moal, who was the global CEO of PayU since 2016, decided to step back from day-to-day operations but will continue as an advisor for both PayU and its owner, Prosus. Anirban Mukherjee took over as CEO in October 2023. During this time, Akash Moondhra, who was the Chief Financial Officer, and Prashanth Ranganathan, the CEO of PayU Finance, also left the company.
In addition, Bob van Dijk, the CEO of Prosus and Naspers, resigned unexpectedly in September 2023 after being with the company for ten years, and Fabricio Bloisi became his replacement in March 2024.
Vijay Agicha also serves on the boards of several companies, like BriskPe, DotPe, and Fisdom. Recently, BriskPe secured $5 million in funding from PayU. In India, PayU is working hard to grow its consumer services through the LazyPay mobile app. Although merchant payments are important, the company wants to use LazyPay to create a complete consumer payment and credit service, as mentioned by Mukherjee in a conversation.
Originally, PayU started as a platform for online merchant payments, but it has now become a full-service fintech provider in India. Their growth strategy has included buying Paysense in 2020, launching LazyPay, and developing fintech solutions through Wibmo, which was acquired in 2019. The key services, LazyPay and Wibmo, continue to operate separately.
In November, Ervin Tu, president and chief investment officer of Prosus, shared that they plan to list PayU on the Indian stock exchanges in 2025. PayU reported a revenue growth of 11% in India, reaching $444 million in the fiscal year 2024, up from $399 million the year before. On April 24, PayU got permission from the Reserve Bank of India to work as a payment aggregator, allowing them to bring on new merchants
Leave a Reply