The reason for the layoffs has been the failure on the company's part to raise a large funding round.
Tiger Global is seeking over $300 million for its stake. It has invested about $50-60 million in the company to date.
The open offer, which was originally scheduled for May, will now open on July 15 and close on July 20.
O4S will use the funding to strengthen its workforce, accelerate client acquisition, and build technology infrastructure.
Nag, who has been with PayU since 2011, joins others who have recently quit the company.
Hong Kong-based Composite Capital has also come on board as a new investor.
Cornerstone has invested $1 million each in Wigzo and IntelligenceNode Consulting.
SVIC intends to make 100 investments in Indian startups over the next three to five years.
Swiggy acquired Mumbai-based Supr Daily last year, which is currently offering services in six cities.
HealthAssure has raised $2.5 million in funding led by Blume Ventures.
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