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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 former Nykaa CFO Arvind Agarwal as the chief financial officer of PayU India Payments, effective next week, sources told ET.

Confirming the development, a PayU spokesperson said: “India is the largest market for PayU and we are 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.”

“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. We will continue to fortify our team with leaders that bring deeper knowledge and wider expertise as we transform our business for the future," the spokesperson added.

On Tuesday, FSN E-Commerce Ventures, which runs the omnichannel beauty retail platform Nykaa, had said in a stock exchange filing that Agarwal would be leaving the company effective close of business hours on November 25 (Friday) “to pursue other opportunities in the digital economy & start-up space”.

The timing of Agarwal’s departure from Nykaa had raised eyebrows, with the announcement coming just a few weeks after the company’s bonus shares issue. That move has reportedly come under the regulatory spotlight of the Securities and Exchange Board of India (SEBI).

“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.