PayU Finance, the non-banking financial company (NBFC) credit division of PayU, has promoted its Chief Risk Officer (CRO) Deepak Mendiratta to the position of CEO.
Meanwhile, Manish Kulkarni, a long-time investment banker who served as the COO at DBS Bank, has assumed the role of Chief Financial Officer (CFO) at the subsidiary, as part of a restructuring of top-level positions within the company.
In September last year, the former CEO of PayU Finance, Prashanth Ranganathan, left the company to start his own fintech company called Zinc.
The company will make official announcements later this month with additional details. Moneycontrol was the first to report on the development.
In October 2023, Anirban Mukherjee, CEO of PayU India, was appointed as the global CEO of the company, succeeding Laurent Le Moal, who transitioned to an advisory role within Prosus and PayU.
PayU Finance is the NBFC credit arm of Prosus-owned PayU that provides credit products via various neobanks and lending platforms.
The Mumbai-headquartered company was established after PayU received regulatory approval for an NBFC license, and in 2019, it separated from the parent company.
In August last year, Prosus had agreed to sell PayU’s Global Payments Organisation (GPO) business to Israel-based Rapyd for $610 million in cash to focus on growth opportunities in India’s burgeoning fintech market, where it serves over 450,000 merchants and two million credit customers.
Edited by Suman Singh
