Prosus-owned fintech major PayU’s global CFO Aakash Moondhra has announced his resignation from the payments firm.
Moondhra took to social media and wrote: “It has been a tremendous pleasure to be a part of PayU for the last 8 years. September 30, 2023 will be my last day at PayU/Prosus Fintech in the capacity of global CFO. It has been an extremely enriching and gratifying journey… The business grew almost 20x in volumes, crossing $100 billion in transaction volume processed, approximately 10X in revenues crossing a billion dollars in and profitable”.
Moondhra joined PayU in 2015, after leading the finance function at V-Mart for 13 years. Before that, he had worked across functions in Snapdeal, ZestMoney, Nokia, Bharti Airtel and AT&T.
Resignation at a time when two more head honchos leave
Moondhra has tendered his resignation at a time when PayU’s global CEO Laurent Le Moal is also moving out of the organisation, following the sale of the fintech’s global operations. Prashanth Ranganathan, CEO of PayU Credit, who joined the company after his startup PaySense was acquired in 2020, is also leaving the organisation.
In August, Prosus sold PayU’s Global Payments Organisation (GPO) to Israel’s Rapyd for $610 million, shifting its focus to operations in India, Turkey and Southeast Asia. The GPO included PayU’s operations in countries such as Latin America, Central and Eastern Europe and Africa.
“In the process of crystallising value, we decided to sell part of the business and put India on the path to initial public offering (IPO) with the right leaders in place. Completion of the most satisfying chapter,” Moondhra said.
PayU’s GPO division accounted for around 30% of PayU’s total revenue. In FY23, the GPO’s total payment volumes experienced a 12% year-on-year (YoY) growth, reaching $34 billion.
The shift in focus at PayU is also accompanied by a potential IPO for the India unit. While the South Africa-headquartered entity has started preparations, there are no timelines in sight.