Aakash Moondhra, the seasoned global CFO of PayU, a fintech company under the Prosus umbrella, has officially announced his resignation from the payments firm. Moondhra, boasting three decades of invaluable experience, conveyed in a LinkedIn post that he will remain with PayU until September 30, characterizing his departure as marking the "end of an era."
Moondhra shared his sentiments, stating, "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 Bn in transaction volume processed, approximately 10X in revenues crossing a billion dollars in and profitable."
Moondhra's association with PayU dates back to 2015 when he joined the company after serving as the financial leader at V-Mart for an impressive 13-year tenure. Before that, his career featured stints at notable companies such as Snapdeal, ZestMoney, Nokia, Bharti Airtel, and AT&T, highlighting his vast and diverse expertise.
This development comes approximately a month after media reports surfaced, indicating the impending departures of both PayU's global CEO, Laurent Le Moal, and Aakash Moondhra. These exits were closely tied to the sale of PayU's global operations, a strategic shift undertaken by Prosus. Prashanth Ranganathan, CEO of PayU Credit, who joined the company following the acquisition of his startup PaySense in 2020, is also parting ways with the organization.
In August, Prosus made headlines by selling PayU's Global Payments Organisation (GPO) to Israel's Rapyd for a substantial $610 million. This move signaled a redirection of focus towards operations in key regions, including India, Turkey, and Southeast Asia. Notably, the GPO encompassed PayU's operations across various regions, such as Latin America, Central and Eastern Europe, and Africa.
Reflecting on this pivotal moment, Moondhra commented on the sale, stating, "In the process of crystallizing value, we decided to sell part of the business and put India on the path to an initial public offering (IPO) with the right leaders in place. Completion of the most satisfying chapter." It is worth noting that Moondhra played a pivotal role in facilitating the sale of the PayU GPO to Rapyd last month.
The GPO division of PayU constituted a substantial portion, accounting for approximately 30% of the company's total revenue. In the fiscal year 2023, the GPO's total payment volumes experienced a noteworthy 12% year-on-year (YoY) growth, reaching an impressive $34 billion.
The strategic shift in focus at PayU, combined with the potential IPO preparations for the Indian unit, underscores the company's evolving trajectory. While preparations for an IPO have commenced within the South Africa-headquartered entity, specific timelines for this significant development are yet to be disclosed.
