PayU India's MD resigns, may start his own venture
Jitendra Gupta, who had been leading PayU's credit business put in his papers last week and may start his own venture later in 2019.
Pallav Jain, Country Head of PayU Finance, which runs the pay later product LazyPay, is expected to replace Gupta.
Gupta had joined PayU in 2016, when he, along with Co-Founder Amrish Rau at Citrus Pay, sold the company to PayU for $130 Mn in cash.
Gupta and Satyen Kothari had found Citrus Pay, a digital payments company in 2010. Then after 6 years they sold the company in what is known as the biggest fintech buyouts in India at the time.
The deal led the founding team to mop up an estimated $60 Mn and even the employees of the Mumbai-based Citrus Pay earned handsome payouts.
It was under Gupta's leadership that Citrus grew to gain attention of many investors.
Gupta holds a rich experience in banking and financial services industry and is considered an expert in the payments industry. Before he co-founded Citrus, he has also worked with ICICI.
Now, after resigning from PayU, Gupta plans to start a new venture, which is also likely to be in the fintech space. However, he shared that he is still doing the research and testing out some ideas.
As he moves ahead in his career, Gupta is grateful for the couple of years spend at PayU. He said, "PayU has been incredibly supportive, and I expect to continue engaging with them, going forward."
As the Indian fintech market grows to $31 Mn by 2020, it holds many opportunities that entrepreneurs in this space are yet to unlock. While digital payment segment in particular is also a great contributor, there are many other possibilities the market holds.
Let's wait and watch, what new idea or solution does Gupta come up with his new venture.