PayU India MD Jitendra Gupta quits; likely to start new venture in fintech
Fintech company PayU India’s Managing Director, Jitendra Gupta, has stepped down from the global digital payments company to startup again in India’s fintech landscape.
In his current role, Jitendra led PayU’s foray into the credit space, and was handling the business thereafter.
Confirming his resignation on Twitter, Jitendra hinted that he is looking to startup again and is currently brainstorming on ideas for the fintech space. He said,
“ … Moving to the next chapter of life. Ofcourse it will be fintech. DM me for brainstorming fintech ideas.”
With this, Jitendra will join the likes of Kunal Shah, Founder of Cred; Ashish Kashyaap, Founder of INDWealth, and Satyen Kothari, Founder of Cube Wealth, who have restarted their second venture in the fintech space.
Jitendra, along with Co-founder Amrish Rau and Satyen Kothari, started Citrus Pay in 2011. The platform provided payment solutions to merchants and consumers, while aiming to provide seamless experience across mobile apps and merchant websites.
It was acquired in September 2016 by PayU India for $130 million in an all cash deal. Starting up from a basement of a building, Jitendra along with the team helped scale Citrus Pay to a platform which managed close to 10 million monthly transactions at the time of its acquisition in 2016.
Earlier this year, Citrus Pay co-founder Amrish Rau also moved on from his position as PayU India CEO to leading financial technology partnerships and investments for Naspers, PayU’s parent company.
According to industry players, PayU at present is considered to have the largest market share when it comes to the payment gateway business.
In June, PayU India had said in a statement that it had serviced over 100K merchants for its international payments business. Providing international payment services since 2016, the company aims to open new growth avenues for its merchants, especially the MSME segment.