PayU India founder & MD Shailaz Nag quits

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PayU India founder and managing director Shailaz Nag has resigned, two people in the know of the development said, in yet another top level exit at the digital payments company.

Nag’s plans after exiting the company could not be ascertained, but he is understood to be looking out for opportunities in the payments space, according to one of the people quoted above.

PayU has seen senior management churn over the last few months.

Jitendra Gupta, another managing director who was heading the lending business of PayU India – LazyPay — also announced his departure last week.

In January, Amrish Rau resigned as CEO, and with Gupta and Nag leaving, the Naspers-owned firm is looking at a completely new leadership team.

“India is the largest market for PayU globally and we have ambitious plans to strengthen our leadership in the region,” a PayU spokesperson said in response to ET’s emailed queries. “After building a clear leader in the payment space, we are heading towards the next phase of growth in India. We will be making further announcements on this soon.”

After the acquisition of Mumbai-based Citrus Pay in 2016, cofounder Rau assumed charge as PayU India CEO and Gupta became an MD. Rau took up a broader role as the head of financial technology partnerships and investments for Naspers’ fintech business, the company’s South African parent.

Anirban Mukherjee, who was previously with Reliance Payments Solutions, recently took over as CEO of PayU India, while Pallav Jain is set to lead the LazyPay team.

PayU, which started as a payment processing company for online e-commerce, has grown significantly over the past few years.

The India subsidiary of the Netherlands-headquartered company contributes more than half of the total revenue of the parent entity. In its half-yearly report for the financial year 2019, Naspers said that PayU had seen a 35% jump in payments volume with transactions worth $14 billion being clocked as India contributed more than half of that number.

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