Former PayU MD Jitendra Gupta on his plans of a new FinTech venture

Jitendra Gupta

Jitendra Gupta

Digital payments company PayU India’s Managing Director Jitendra Gupta, who stepped down from his current role early this week, has said that he will soon be starting a new venture in the FinTech space.

Announcing his exit from PayU on Twitter, Gupta said, “After 8 years, an exciting journey comes to its logical end. Really enjoyed building businesses in Citrus & PayU. Grateful to my partner @amrishrau. Moving to the next chapter of life. Ofcourse it will be fintech 😉 DM me for brainstorming fintech ideas.”

Citing his reason to quit PayU at a time when the company has emerged as a leading online payments solution provider for merchants in the country, Gupta told IBS Intelligence that he was contemplating for the last few months whether he wanted to continue with his “corporate life” . “Once an entrepreneur then always an entrepreneur. I have a couple of new ideas. I am meeting people to understand the white spaces in the FinTech space in India. Currently, I am on a two-month break.”

Gupta also hinted that his upcoming venture would not compete with any of the PayU’s current business. “It will be a completely new venture. When I started Citrus Pay there was no other company offering the solutions it provided and when I launched LazyPay, it was the first of its kind,” he added.

Gupta has been a prominent face within the Indian FinTech ecosystem and has played an important role in shaping up the online payments infrastructure in the country with this first venture Citrus Pay that he founded in 2011 alongwith his co-founders Amrish Rau and Satyen Kothari. The company focused on providing payment solutions to merchants and consumers across mobile apps and merchant websites.

The Mumbai-based company was acquired by Naspers-backed PayU in 2016 for USD 130 million following which Gupta and Rau joined PayU’s leadership team. Gupta and Rau have been a force behind PayU’s growth as a leading payment gateway with the largest market share. Other players in the category include Paytm, Instamojo, CCAvenue, ZaakPay and Atom.

Gupta also spearheaded the credit business at PayU, which was early this year hived off to create a separate entity called PayU Finance with an aim at becoming a full-service financial player around the growing credit business in the country. One of the interesting and disrupting products of PayU is its credit platform LazyPay, which was launched in 2017.

“LazyPay was an innovative idea that we conceived and designed at Citrus Pay but was launched post acquisition by PayU. There were no players offering pay-later feature on online platforms and when we started working on LazyPay everyone was sceptical about this idea. But now, it is one of the fastest growing category,” Gupta said adding that credit platform has easy EMI options and is growing rapidly. Targeted at new to credit customers, the LazyPay also has partnerships with consumer companies where they offer ‘buy-now-pay-later’ option and users can avail small ticket credit up to Rs 30,000 for 15 days. Currently, LazyPay witnesses more than two million transactions per month.

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