PayU Bolsters Board with Industry Leaders Including Former HDFC MD Renu Sud Karnad

PayU Payments Pvt Ltd announced a significant strengthening of its Board of Directors with the appointment of several prominent figures. This strategic move aims to enhance PayU’s leadership and guidance as they build a robust digital financial services ecosystem in India.

Renowned Professionals Join the Board:

Leading the new additions is Renu Sud Karnad, former Managing Director of HDFC, who assumes the role of Chairperson. She brings a wealth of experience in the financial services industry, currently serving as President of the International Union of Housing Finance (IUHF) and Chairperson of the Board of GlaxoSmithKline Pharmaceuticals Ltd..

Anirban Mukherjee, CEO of PayU, expressed his enthusiasm: “We are thrilled to welcome this esteemed group of individuals to our board. Their expertise will be invaluable as we strive to build a comprehensive suite of digital financial services, fostering financial inclusion and propelling India’s digitization journey.”

Mukherjee further commended Ms. Karnad’s leadership: “I am particularly grateful to Ms. Renu Sud Karnad for agreeing to lead our board. Her distinguished career and extensive knowledge in the financial sector will be instrumental in shaping PayU’s future success.”

Karnad also shared her enthusiasm for the role: “I am honored to join the board of PayU Payments, a company making significant strides in the Indian financial landscape. I look forward to collaborating with the team to build a diversified financial services organization, leveraging innovative technology to advance digitization.”

Additional Board Members:

Joining the board alongside Ms. Karnad are:

• Gopika Pant: An independent director with over 38 years of experience in Indian corporate and commercial law.
• Jairaj Purandare: Another independent director and the founder-chairman of JMP Advisors Pvt Ltd, holding extensive experience in tax and regulatory matters.
• Laurent Le Moal: A non-executive and non-independent director, serving as PayU’s former global CEO and bringing valuable global expertise.
• Jan Bune: Another non-executive and non-independent director, offering international experience with a background as a senior audit partner at Deloitte Netherlands and holding positions in various audit and risk committees.

Recent Leadership Changes:

The announcement coincides with recent leadership changes at PayU. Mukherjee was appointed global CEO in October 2023, succeeding Le Moal, who transitioned to an advisory role within Prosus and PayU. Additionally, Deepak Mendiratta was promoted to CEO of PayU Finance, and Manish Kulkarni assumed the CFO position at the subsidiary.

Combined, these developments position PayU with a strengthened leadership team and board, well-equipped to navigate the dynamic financial landscape and spearhead India’s digital financial services revolution.