Confirming the developments, a PayU spokesperson said, “India is the largest market for PayU and we are seeing unprecedented growth in the region. We are delighted to welcome Arvind to our leadership team at this opportune time as the company is heralding a new growth path.”
“Arvind is a versatile leader who has led the financial strategy of both start-ups and billion-dollar technology companies and his experience will prove invaluable in realizing our vision of building a fully functional digital financial services ecosystem in India. We will continue to strengthen our team with leaders who bring deeper knowledge and broader experience as we transform our business into the future,” the spokesperson added.
On Tuesday, FSN E-Commerce Ventures, which operates multi-channel retail beauty platform Nykaa, said in a stock exchange statement that
Agarwal will leave the company after the close of business on November 25 (Friday). “seize other opportunities in the digital economy and start-ups.” Time of Agarwal’s departure from Nikaa came as a surprise as the announcement was made just a few weeks after the company’s bonus stock wassuance. The move has reportedly come under the radar of regulators from the Securities and Exchange Board of India (SEBI).
“Arvind deserves credit for the critical role he played in turning Nykaa into a registered and profitable startup. While we regret his loss, we are aware of his personal dreams and wish him every success,” said Falguni Nayar, CEO and Chairman of Nykaa.
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Earlier this year,
Prosus cancels $4.7 billion acquisition of payments company BillDesk via PayU India, one year after it was announced. Had it happened, this acquisition would have been the second largest M&A deal in the Indian startup ecosystem.
Announcing financial results for April-September earlier this week,
Prosus said its consolidated payments and fintech revenues were up 57%. to $412 million driven by strong performance in India, Turkey, Poland and the expansion of the lending business in India through LazyPay.
In India, Prosus’ largest payments market, the company’s total payments value (TPV) rose 59% to $28 billion, while revenue increased 48% to $183 million.