PayU onboards former HDFC MD Renu Sud Karnad as new Chairperson

In a bid to strengthen the leadership, Prosus-owned fintech company PayU Payments has expanded its board of directors to seven members. The expansion includes the appointment of Renu Sud Karnad, the former Managing Director of the Housing Development Finance Corporation (HDFC), as the Chairperson.

The inclusion of five new members aims to bolster the company's strategic direction and growth in the dynamic payments landscape of India, as per the company's statement. 

Who are the appointees?

The new appointees bring a rich diversity of expertise in finance, law, and business leadership. Renu Sud Karnad, with her extensive background in leading one of India's largest financial institutions, is expected to provide invaluable insights and guidance.

The board also appointed Gopika Pant and Jairaj Purandare as independent directors, Laurent Le Moal as a non-executive director, and Jan Bune, further enhancing its strategic capabilities with their independent perspectives, legal expertise, and international market understanding.

What did the PayU CEO say about the new appointees?

Anirban Mukherjee, CEO of PayU, said, “We’re delighted to have built an outstanding board to offer us counsel and guidance as we build a full stack of digital financial services to serve India, advance digitisation and drive financial inclusion. With the Indian economy undergoing rapid transformation, PayU is poised to capitalise on leveraging the unparalleled online payments opportunity, expected to reach a $1 trillion internet economy by 2030. I’m deeply humbled and honoured that each of these eminent industry veterans have chosen to endorse our vision and accompany us on our journey. The collective wisdom of the board will greatly benefit us as we embark on the next phase of growth for PayU.”

“I’m especially pleased that Renu Sud Karnad has agreed to join our board of directors as chairperson. With a strong background in financial services, gained from her illustrious career, Renu will bring the skills and experience required to make a material contribution to PayU’s future,” he added. 

Who is Renu Sud?

Renu Sud Karnad brings over four decades of experience in the financial services sector to PayU Payments. Prior to joining PayU, She worked at HDFC Group as the Managing Director.

She completed her degree in law from the University of Mumbai, followed by a postgraduate degree in Economics from the University of Delhi. Joining HDFC at the age of 25, just six months into the company's operations, she played a pivotal role in establishing and shaping various departments, including legal and credit.

Subsequently, she pursued further studies at Princeton University in the USA, focusing on international affairs and earning the prestigious Parvin Fellowship.

Karnad aims to leverage her vast experience to contribute significantly to PayU's future, especially in a market that is rapidly digitizing.

Renu Sud Karnad said, “I am glad to be on the board of PayU Payments, a world-class company built in India and serving India as a key market. I look forward to helping the team to build a diversified financial services organisation promoting digitisation using cutting-edge technology.”

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