Naspers-owned PayU India makes senior hires for its credit business1 min read . Updated: 23 Apr 2020, 06:36 PM IST
PayU India said that it has appointed Anup Agrawal as its business head, who will lead the buy-now-pay-later business and oversee PayU Credit India’s business operations, which owns and operates LazyPay
Naspers-owned PayU India on Thursday said it has appointed senior-level executives for its credit and alternate lending business, PayU Credit India.
PayU India said that it has appointed Anup Agrawal as its business head, who will lead the buy-now-pay-later business and oversee PayU Credit India’s business operations, which owns and operates LazyPay.
In his new role, Agrawal will also be responsible for strengthening the local credit business ecosystem, scaling up the operations and contributing to PayU Finance’s growth journey.
Prior to this, Anup was the head of partnerships and risk strategy at InCred Financial Services.
PayU has also appointed Vikas Sekhri as chief product officer, who will be responsible for overseeing the product strategy for PayU’s credit operations.
Sekhri was the founder and CEO of CashCare, which was acquired by pay-day loans startup EarlySalary in 2018. Post the acquisition he was named as the chief growth officer of EarlySalary.
“Anup and Vikas are seasoned professionals with long stints in the finance and fintech sectors and we are thrilled to welcome them into their new roles. Anup holds an in-depth understanding of the banking industry and Vikas, on the other hand, comes with rich experience across payment, credit, marketing, and technology and we are confident that it will aid in constructing the credit product portfolio, making it simpler and more accessible to merchants and customers," said Prashanth Ranganathan, CEO, PayU Finance.
Last month, Amrish Rau, head of financial technology investments and partnerships at PayU left the global payments firm to join as the CEO of Singapore and Noida-based payment service provider, PineLabs. Earlier in July 2019, Jitendra Gupta, also quit from his position as Managing Director of PayU to start his new firm in the fintech space, Jupiter.
Both Rau and Gupta were key contributors to PayU’s credit product LazyPay, and founded CitrusPay which was acquired by PayU for $130 million, in 2016.
PayU India entered the alternate lending business in 2017 with LazyPay, its buy-now-pay-later offering to provide consumers with convenient checkout options. PayU received RBI’s approval to operate as an NBFC in 2018 and named this venture PayU Credit India.
According to PayU India, it has disbursed more than $280 million in consumer credit.
In January, PayU acquired a controlling stake in Mumbai-based lending startup PaySense to merge it with its credit business LazyPay.