Shailaz Nag

Shailaz Nag, Co-founder, PayU India

A week after Jitendra Gupta stepped down from his position as Managing Director of payments company PayU India to start his own venture, Shailaz Nag has also followed suit.

Nag, who was responsible in launching PayU in India along with his co-founder Nitin Gupta, was one of the Managing Director of the payment gateway’s business in the country.

As per certain media reports, Nag has already resigned from PayU and plans to start his own venture, most likely in the FinTech space, soon.

With Nag’s ouster, PayU India has witnessed from major reshuffle in its leadership team lately. The India unit’s CEO Amrish Rau was moved from his earlier position to lead financial technology partnerships and investments for South African investment firm Naspers, which is also PayU’s parent company.

Rau had become the CEO of PayU India in 2016 following acquisition of Mumbai-based payment company Citrus Pay, which Rau founded alongwith Jitendra Gupta and Satyen Kothari.

Rau was replaced with Anirban Mukherjee, a former CEO at Reliance Payments, as the India CEO in February this year to drive the company’s lending business.

When contacted by IBS Intelligence on the recent churn in the top leadership team, PayU spokesperson said that, “India is the largest market for PayU globally and we have ambitious plans to strengthen our leadership in the region. After building a clear leader in the payment space, we are heading towards the next phase of growth in India, creating a full regional Fintech eco-system. This is why we are in the process of on-boarding new expertise and talent. We will be making further announcements on this soon.”

PayU is targeting to double its loan book to USD 2 billion (INR 13,800 crore) in the Indian market over the next two years. The company, which started off as a payments platform in India, has been focusing heavily on the digital lending space for the last two years after having sensed a trillion dollar opportunity in the country’s credit hungry market. The company wants to expand both into consumer and SME (small and medium enterprises) space.

by Priyanka Pani
Senior Regional Correspondent, Middle East and Asia