PayU Payments Private Ltd (PayU), the fintech branch of Global Consumer Internet Group Prosus, has named Renu Sud Karnad, former director of HDFC Bank, as chairman and independent director of the firm.
PayU has also added four new board members, bringing the total number of board members to seven, including Anirban Mukherjee, PayU’s CEO, and Arvind Agarwal, PayU’s Chief Financial Officer. All five new directors have joined the board.
The Board, which includes famous thought leaders and prominent specialists from several fields and operating disciplines, will provide strategic guidance to PayU Payments. The company intends to set best-in-class standards for customer experience, corporate governance, risk management, and compliance, and it plans to play an important part in the development of India’s dynamic digital financial services market.
Commenting on the development, Anirban Mukherjee, CEO, PayU, said, “We’re delighted to have built an outstanding Board. PayU is poised to capitalize on leveraging the unparalleled online payments opportunity, expected to reach a USD 1 trillion Internet economy by 2030. I’m deeply humbled and honoured that each of these eminent industry veterans has chosen to endorse our vision and accompany us on our journey. The collective wisdom of the Board will greatly benefit us as we embark on the next phase of growth for PayU.”
“I’m especially pleased that Renu Sud Karnad has agreed to join our Board of Directors as Chairperson. With a strong background in financial services, gained from her illustrious career, Renu will bring the skills and experience required to make a material contribution to PayU’s future,” he added.
Renu Sud Karnad has been named as PayU Payments’ Independent Director and Board Chairperson. Karnad, who is currently the President of the International Union of Housing Finance (IUHF), served as Managing Director of Housing Development Finance Corporation Ltd. (HDFC) until June 30, 2023, and remained a Non-Executive Director on the HDFC Bank Board. Karnad, with over four decades of industry experience, played an important part in HDFC’s expansion. She is now the Chairman of the Board of GlaxoSmithKline Pharmaceuticals.
Renu Sud Karnad, Chairperson of the PayU Payments Board of Directors, said, “I am glad to be on the board of PayU Payments, a world-class company built in India and serving India as a key market. I look forward to helping the team to build a diversified financial services organisation promoting digitisation using cutting-edge technology.”
Gopika Pant joins the organisation as an Independent Director with more than 38 years of legal experience. She has a thorough understanding of Indian corporate and commercial regulations, with a focus on cross-border commercial operations.
Jairaj Purandare joins as an independent director. He is the founder and chairman of JMP Advisors, India’s leading consulting, tax, and regulatory organisation. He served as the Regional Managing Partner, Chairman-Tax, and Country Leader-Markets and Industries at PricewaterhouseCoopers (PwC) India, Chairman of Ernst & Young (EY) India, and Country Head of Andersen India’s Tax and Business Advisory Practice. With almost four decades of experience, he is a tax and regulation specialist in India.
Laurent Le Moal, who will join as a Non-Executive and Non-Independent Director, formerly served as the global CEO of the PayU group and as a member of Prosus’ Executive Team from January 2016 to September 2023.
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Jan Bune, who joins as a Non-Executive and Non-Independent Director, worked in public accounting from 1974 to 2013 until retiring as a senior audit partner at Deloitte Netherlands in May 2013. Following his retirement, he joined the Dutch Media Authority’s board of commissioners in September 2013 and remained until February 2021.
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