PayU Payments appoints RBI, Prosus execs to board after securing PA licence

Digital payments firm PayU Payments has strengtheded its board of directors with three new appointments after receiving the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator.

The company has named Subhash Mundra, former Deputy Governor of the Reserve Bank of India; and Manoj Kumar Agarwal, Co-founder and President of AI startup DevRev, as non-executive independent directors. Ashutosh Sharma, Head of Investments and M&A for India at Prosus Ventures, has been appointed as a non-executive, non-independent director.

With the appointments, PayU’s board now comprises of eleven members, including five independent directors.

“I welcome Subhash Mundra, Manoj Kumar Agarwal, and Ashutosh Sharma to the PayU Payments Board. Their appointment comes at the most opportune time as PayU stands at the intersection of setting new benchmarks for technological innovation,” said Renu Sud Karnad, Chairperson of the PayU Payments board. “Their insights will be crucial in developing proprietary technologies while maintaining the highest standards of security and compliance.”

Mundra brings over four decades of experience in banking and regulation. In addition to his role at the RBI, he previously led Bank of Baroda as Chairman and Managing Director and has served on boards including BSE Ltd., Airtel Payments Bank, and Havells India.

Agarwal, who will serve in an independent capacity, is a technology entrepreneur and former SVP of engineering at Nutanix, where he played a key role in the firm’s IPO.

Sharma represents PayU’s investor Prosus and currently sits on the boards of several Prosus-backed startups, including Swiggy, Meesho, and PharmEasy. He has led Prosus’ India investment strategy for nearly a decade.

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“The addition of new directors to PayU Payments board reinforces the company’s unwavering commitment to upholding the highest standards of corporate governance, customer experience, and ethical practices,”

said Anirban Mukherjee, CEO of PayU. “Their strategic guidance will be instrumental in strengthening PayU's evolution into a comprehensive provider of digital payments, financial and technological services.”

PayU recently secured final approval from the RBI to operate as a payment aggregator under the Payment and Settlement Systems Act, 2007. The move is expected to accelerate the company’s investments in next-generation infrastructure as it aims to build a full-stack platform for merchants, banks, and consumers.

Prosus-owned PayU India notched a 12% year-on-year (YoY) revenue growth in H1 FY25, driven by increased payment volumes and merchant onboarding.

The payments and fintech business, which operates as a payment service provider (PSP) working with over 5 lakh businesses, earned $237 million in revenue in H1, benefitting from an in-principle approval from the RBI earlier this year to operate as a payment aggregator.

This growth was supported by a 25% YoY increase in total payment volume (27% in local currency), driven by financial services, government, and ecommerce sectors.