Founder and Managing Director of PayU Shailaz Nag has resigned from his post, adding to the list of the top level exits in the fintech company. According to reports, he plan to look for opportunities in the payments space.
The payments company has been troubled by the ongoing churn at the management level over the years. The fintech company saw last week the departure of Jitendra Gupta, who was the managing director of LazyPay, the lending vertical of PayU. Amrish Rau also resigned from the CEO post in January, citing personal reasons.
With most of the senior management leaving the fintech firm, the company is foreseeing a requirement for a completely new leadership team to handle major decisions.
The Economic Times reported that the company was positive about its business growth in India. It also stated that the company wants to strengthen its payment space leadership in India.
PayU had acquired Citrus Pay in 2016 after which Amrish took charge as the India CEO for the company while Jitendra took charge as the managing director. The payments company witnessed so many departures within a financial year. Anirban Mukherjee has taken over as the CEO of the fintech with Pallav Jain heading the LazyPay team.
PayU, the Netherland-headquartered fintech company, started by providing payment technology to online merchants. The Indian subsidiary of the fintech contributes more than 50 percent of the total revenue of Naspers. Naspers is the parent company of PayU. As per the Economic Times report, Nasper said that there has been a 35 percent hike in the payments volume with India contributing to more than half of the total $14 billion worth transaction by its half-yearly report for the financial year 2019.