PayU India faces another top-level exit as co-founder & MD Shailaz Nag quits

Photo: Bloomberg

In yet another top-level exit at PayU India, co-founder and managing director Shailaz Nag has put in his papers as he explores more opportunities in the payments space, said media reports citing industry sources.

Nag, who has been with PayU since 2011, joins others who have recently quit the company to start own ventures or for bigger roles in other corporations.

Earlier this month, another Managing Director, Jitendra Gupta, was reported to have quit after serving the company for about three years to start his own venture later this year. In January, PayU’s chief executive officer also resigned to take on a broader role as the head of financial technology partnerships and investments for Naspers, the company’s South African parent.

Further, in February, PayU officially announced the appointment of Anirban Mukherjee as the new CEO of its Indian entity.

Meanwhile, Nag has worked in different roles at several organisations prior to starting PayU. He was also the founding member of ibibo Group and served the company from March 2007-March 2011, per his LinkedIn page. In 2011, Ibibo in conjunction with co-founders Nitin Gupta and Nag rolled out PayU in the Indian market. Nag was previously the head – business and finance operations at Yahoo, and head-business intelligence at Airtel.

Jitendra Gupta was the co-founder and CEO of digital payment startup Citrus Pay, which was later acquired by Naspers in September 2016. Since then, he was spearheading the combined entity, PayU India, as its MD.