PayU Payments Private Limited has announced the induction of three new members to its Board of Directors, namely Subhash Mundra, former Deputy Governor of the Reserve Bank of India (RBI), Manoj Kumar Agarwal, Co-Founder and President of DevRey, an innovative AI technology firm, and Ashutosh Sharma, Head of Investments and M&A for India at Prosus Ventures. This move reflects the company’s continued commitment to strong governance and technological innovation as it shapes the future of digital finance in India.
Mundra and Agarwal join as Non-Executive Independent Directors, bringing extensive expertise in banking and technology entrepreneurship, while Ashutosh Sharma, representing Prosus Ventures, steps in as a Non-Executive Non-Independent Director, further strengthening the board’s strategic depth.
With these additions, PayU’s board now comprises eleven directors, including five independent members. This expansion is aimed at reinforcing the company’s governance structure and ensuring a diversity of perspectives as PayU navigates the dynamic financial technology landscape.
PayU recently received final authorization from the Reserve Bank of India to operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007. This regulatory green light enables PayU to onboard new merchants and broaden its suite of digital payment solutions, which already cater to over 500,000 businesses nationwide.
Welcoming the new directors, Anirban Mukherjee, CEO of PayU, remarked, “Bringing these accomplished leaders onto our board underscores our dedication to the highest standards of corporate governance and customer-centric innovation. Their guidance will be pivotal as PayU evolves into a comprehensive provider of digital payments and financial technology solutions.”
PayU, backed by global investor Prosus, has established itself as a key player in India’s digital economy. The company’s Indian operations now contribute nearly half of Prosus’s global payment service revenues, with annual revenue in India reaching $444 million in FY2024. Rising payment volumes and a focus on value-added services, including affordability and credit offerings, drive this growth.
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The expanded board is expected to play a crucial role as PayU accelerates investments in next-generation technology, strengthens compliance, and sets new benchmarks in the digital payments space. With these strategic appointments, PayU is well-positioned to advance its vision of building a full-stack digital financial services platform for merchants, banks, and consumers across India.
