Arvind Agarwal: Former Nykaa CFO Arvind Agarwal to take over as chief financial officer of PayU India

PayU, the fintech and payments arm of Dutch investment giant Prosus, has appointed the former chief financial officer (CFO) of Nykaa, Arvind Agarwal, as CFO of PayU India Payments, effective next week, sources told ET.

Agarwal will replace current CFO Maneesh Goel.

A spokesperson for PayU later confirmed the development to ET, adding that India was its largest market and that it was “witnessing unprecedented growth” in this region.

“We are excited to welcome Arvind to our leadership team at this opportune time with the company heralding a new growth journey,” the spokesperson said. “Arvind is a versatile leader who has led finance strategy at both startups and billion-dollar tech companies, and his experience will prove to be invaluable in furthering our vision of creating a full-stack digital financial services ecosystem in India.”
On Tuesday, FSN E-Commerce Ventures, which runs omnichannel beauty retail platform Nykaa, said in a stock exchange filing that
Agarwal would leave the company effective close of business hours on November 25 (Friday) “to pursue other opportunities in the digital economy and startup space”.

Agarwal’s departure came just a few weeks after the
company’s bonus share issue, which has come under the scanner of capital markets regulator, the Securities and Exchange Board of India (Sebi), according to a report by news portal

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“Arvind deserves kudos for the critical role he has played in Nykaa’s emergence as a listed and profitable start-up. While we do regret losing him, we are conscious of his personal dreams, and wish him all the luck,” Falguni Nayar, Nykaa CEO and chairperson, had said.

Earlier this year,
Prosus scrapped its $4.7 billion deal to acquire payments company BillDesk through PayU India, a year after it was announced. If it had gone through, the acquisition would have been the second-largest M&A deal in the Indian startup ecosystem.

Declaring its
April-September financials earlier this week, Prosus had said that its consolidated payments and fintech revenue grew 57% to $412 million, driven by a strong performance in India, Turkey, Poland, and the scaling up of its credit business in India through LazyPay.

In India, Prosus’ largest payments market, the company’s overall total payment value (TPV) grew 59% to $28 billion, while revenue increased 48% to $183 million.

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