Pine Labs-owned Setu ropes in Razorpay, PhonePe, PayU execs for key roles
25 Jul 2025, 02:48 PMThe Bengaluru-based API infra company Setu has appointed former Razorpay executive Prashanth Nimmagada as its chief technology officer.
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Pine Labs-owned fintech infrastructure firm Setu has made leadership appointments at a time when the parent entity is looking to list at Indian stock exchanges.
The Bengaluru-based API infra company Setu has appointed former Razorpay executive Prashanth Nimmagada as its chief technology officer. Nimmagada previously served as vice president of engineering at Razorpay and has also held roles at LinkedIn and Microsoft.
Earlier this year, Setu hired Vijeth Pandit as its chief product officer. He earlier served as senior director of product management at Razorpay.
Other than Nimmagada and Pandit, Setu -- which also owns an account aggregator licence from The Reserve Bank of India -- brough Razorpay's neobanking vertical head Ramkumar Thirumurthi as its chief revenue officer. Thirumurthi was a co-founder of Actyv.ai.
Recently, PhonePe's payment gateway business head Nikhil Ratanpal was appointed as director of product development at Setu.
In addition, former Yes Bank executive Santosh Subramanian, who also held leadership role at PayU-owned Wibmo, was appointed head of finance.
The slew of appointments follow the appointment of former SAP India executive Anand Raisinghani as chief executive officer of Setu, last year. He succeeded Setu co-founder Sahil Kini -- who has now been appointed as the CEO of the Reserve Bank Innovation Hub.
These hirings come at a time when Pine Labs is eyeing for a Rs 2,600-crore IPO. The Noida-based company filed its DRHP last month.
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