Setu, the API infrastructure startup owned by Pine Labs, has strengthened its leadership bench with a series of senior appointments in recent months, as its parent company reportedly moves closer to going public.
Setu appointed Prashanth Nimmagada as 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, the company brought in Vijeth Pandit as Chief Product Officer. Pandit was formerly Senior Director of Product Management at Razorpay.
Other hires include Ramkumar Thirumurthi, former head of Razorpay’s neobanking vertical and co-founder of Actyv.ai, who joined as Chief Revenue Officer.
In June, Nikhil Ratanpal, who led PhonePe’s payment gateway product, was named Director of Product Development. Santosh Subramanian, who held leadership roles at Yes Bank and PayU-owned Wibmo, was appointed Head of Finance.
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The appointments follow the onboarding of Anand Raisinghani as Chief Executive Officer in 2024. Raisinghani, who previously held senior positions at SAP India, succeeded Setu co-founder Sahil Kini, now CEO of the Reserve Bank Innovation Hub.
Setu provides API infrastructure for UPI, KYC, bill payments, and digital signatures. It also operates as a licensed Account Aggregator (NBFC-AA) under the Reserve Bank of India.
The leadership expansion comes after Pine Labs filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering.
The company plans to raise Rs 2,600 crore through a fresh issue of shares. Existing investors, including Peak XV Partners, PayPal, and Mastercard, are also expected to sell up to 147.8 million shares via an offer for sale.
Proceeds from the IPO are expected to be used for international expansion, technology development, and debt reduction.
Pine Labs turned profitable in the first nine months of FY25, posting a net profit of Rs 26.14 crore, a sharp turnaround from the Rs 151.63 crore loss reported in the same period last year.
