Merchant payments fintech Pine Labs has roped in former Flipkart executive Phanimohan Kalagara as its new chief technology officer (CTO), the company said on Wednesday.
Kalagara will replace Sanjeev Kumar, who was the former CTO of the company. Kumar is expected to now head the research and development (R&D) function at Pine Labs.
In his previous stint with Flipkart, Kalagara served as senior vice president of product and engineering functions. Before that, he spent more than 12 years with global fintech company PayPal where he was leading the product and engineering function, and spent nearly eight years in the US working on several key assignments for the company.
“We have made several new appointments in the past one year to bolster our technology capabilities. I am delighted to welcome Phanimohan as the new CTO. Phani comes with a wealth of experience in product and engineering and is the right man to lead our technology team during this exciting phase of growth for the company,” said B. Amrish Rau, chief executive officer, Pine Labs.
“I would also like to acknowledge the role of his predecessor Sanjeev Kumar who will now move into a new role within the company and head the R&D vertical,” added Rau.
The news comes at a time when Pine Labs is looking to file paperwork for its $6 billion initial public offering (IPO), as it plans to list on the US exchanges next year.
The company has already raised more than $1.08 billion in equity funding in 2021 alone.
“It is not often that we get an opportunity to play a key role in a company that gets to shift the industry landscape. I have been blessed a couple of times earlier in my career to make meaningful difference in such companies. With Pine Labs, I see a massive opportunity to make substantial difference to the future of merchant commerce in Asia. Looking forward to being part of this team that is set to shift the fintech landscape in Asia,” said Phanimohan Kalagara, CTO, Pine Labs.
Pine Labs is scaling its popular ‘Buy Now Pay Later’ proposition to international markets, offers gift card solutions through its subsidiary Qwikcilver and a direct-to-consumer offering in Asia through the acquisition of consumer fintech platform called Fave.
Apart from its home market of India, Pine Labs at present continues to have a presence in emerging Asian economies such as Singapore, Malaysia, Thailand, and the Philippines.
This article was first published on livemint.com