Digital Payments firm PayU India has appointed former co-chief executive of Reliance Payments and fintech veteran Anirban Mukherjee as a new CEO.
Mukherjee would be replacing Amrish Rau, who was last month elevated to head of financial technology partnerships and investments for Naspers. Mukherjee responsibility will be to manage $100 million worth of business and double its loan book to around $2 billion in the next few years.
He will also be part of PayU’s global fintech leadership team, which is responsible for driving new initiatives and investments across high-growth markets.
Apart from Reliance Payments, Mukherjee has also worked for Standard Chartered Bank, Capital One and Accenture.
PayU aims to leverage his international expertise and about over 18 years of experiences across US, India and APAC in payments, lending, and banking.
I can’t wait to lead PayU India into our next phase of growth, where we will combine business and product innovation to unlock future growth opportunities and build a robust credit ecosystem in India, said Mukherjee in a statement.
In January, PayU India CEO Amrish Rau was elevated to head of Financial Technology Partnerships and Investments for Naspers. Under the new role, Rau is responsible for driving the fintech disruptions in India and guide the partnerships and investments in a way that Naspers ends up dominating the Indian market.
He will continue to report to CEO of PayU, Laurent le Moal.
Whereas Jitendra Gupta, managing director at PayU India, after building consumer business will take care of credit product LazyPay.
Naspers-owned PayU has acquired Citrus Pay, founded by Rau and Gupta, for $130 million in September 2016. Soon after the acquisition, they joined PayU.
PayU claims to be doing two million transactions in a month with LazyPay. The company also plans to tap Mukherjee expertise in building credit business and financial partnerships.
In Sept 2018, PayU India has got a licence from the Reserve Bank of India (RBI) to open its own non-banking financial company (NBFC). This was a big push to PayU credit-focused business. The company now looks to make a mark in India’s consumer credit market, which is said to a trillion-dollar market
PayU India witnessed a rise of 92 per cent in its revenue to Rs 588 crore from Rs 306 crore in fiscal 2018.
Last year, Naspers halfyearly financial hailed PayU India for contributing more than half of the overall business. It valued PayU India at over $2.5 billion.
The digital payment firm claims to process online payments worth more than Rs 10,000 crore monthly. There are about 400,000 merchants across India using its offerings.
In the coming years, the fintech major also plans to make an investment in insurance and wealth management.