PayU Finance, which owns the ‘Buy Now, Pay Later’ (BNPL) LazyPay, has posted Bhavik Kaul to the post of chief product officer, the company said in a statement on Thursday.
Kaul will be responsible for heading a 40-member team across product, design and programme management and will focus on building product portfolios under ‘Buy Now, Pay Later' (BNPL) deferred payment, EMI at checkout, cards, personal loans up to 10 lakh, savings and investment products including gold, crypto and personal finance management.
Bhavik has over a decade of experience in building products in the consumer internet space with expertise across content, gaming, social, commerce, hyperlocal logistics, organic farming and now, FinTech.
Bhavik joined PayU Finance in 2020 and headed the development of LazyPay. In his previous role as the vice president and product head of the company, Bhavik was part of launching several products such as BNPL through UPI, converting UPI transactions to EMIs, flexible repayments for small ticket sizes and most recently, a fully-functional deep integration with merchants with a grey labelled credit product, called Dunzo Pay Later. Under Bhavik, LazyPay has witnessed notable growth in the BNPL segment, the company said.
“He (Bhavik) will play a vital role in the evolution of our existing products, while also driving the development of innovative new products and revenue streams to fuel further growth. Through our innovative product offerings, we aim achieve $1.5 billion in credit disbursals in the next five years.” Prashanth Ranganathan, CEO of PayU Finance, said.
Kaul has invested in Siply, KarmaLife AI and two more start-ups in the fintech and edtech space, according to his LinkedIn profile.
“India is highly underserved in the retail credit space with a deficit of over $300 billion. While the top of the pyramid has always enjoyed access via big banks the same has not been the case for the rest of India. At PayU Finance, our goal is to enable financial inclusion by focusing on data and ML algorithms to provide responsible credit to the next 250 million Indian users.” Bhavik Kaul said in a statement.
PayU Finance is the non-banking financial company (NBFC) unit of PayU. Headquartered in Mumbai, PayU Finance has disbursed more than consumer credit worth $300 million.