Pine Labs' Setu Expands Leadership Team

New Delhi, Jul 25 (PTI) Setu, owned by fintech company Pine Labs, has strengthened its leadership team with a series of senior appointments over the past two months as it continues to scale its API-led financial services platform.

"The new executives bring deep expertise in product, technology, finance, and revenue, boosting Setu's mission to power evolving API-driven digital financial infrastructure," the IPO-bound Pine Labs said in a statement.

The appointments came following the joining of Anand Raisinghani as Chief Executive Officer in April. Raisinghani previously held leadership roles at SAP India.

In the same month, the company hired Prashanth Nimmagada as Chief Technology Officer. Before this role, he was the vice president of engineering at Razorpay. His prior stints were with Silicon Valley giants like LinkedIn and Microsoft.


Setu, in June, appointed Nikhil Ratanpal, a former product lead for PhonePe's payment gateway business, as director of product development. Also, Santosh Subramanian, with leadership experience at Yes Bank and PayU-owned Wibmo, has come on board as Head of Finance.

Ramkumar Thirumurthi, who led Razorpay's neobanking vertical and co-founded Actyv.ai, joined as Chief Revenue Officer earlier this month.

Setu provides API infrastructure for bill payments, UPI integration, KYC, and digital signatures, and operates as an RBI-licensed NBFC Account Aggregator (AA).

In June, Pine Labs filed preliminary papers with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO).

The proposed IPO is a combination of fresh issuance of equity shares worth Rs 2,600 crore and an offer for sale (OFS) of more than 14.78 crore shares by existing investors, according to the draft red herring prospectus (DRHP).