After spending three years with Naspers-owned PayU, Amrish Rau, who was heading monetary expertise investments and partnerships for the worldwide digital funds participant, is transferring on from the group.
Confirming the information over a collection of tweets, Amrish mentioned
“It’s now time. Time to go once more. Time to have one other new expertise. Company to startup to M&A to Angel investing to …. I depart behind PayU, LazyPay, Citrus and a little bit of my coronary heart.”
In response to this, PayU thanked Amrish for his efforts in constructing the PayU platform in India. The corporate tweeted, saying,
“Amrish, thanks for offering us a platform that allowed us to additional strengthen and consolidate our management place within the Indian fintech trade. We want you all the easiest!”
Amrish joined Naspers-owned PayU after it acquired funds expertise firm Citrus Pay in 2016 for $130 million in money. Submit the acquisition, he was named the CEO of PayU India. Beneath his stewardship, the corporate additionally launched its credit score product LazyPay.
In January 2019, Amrish transitioned to a broader position, basing himself out of Singapore, whereas heading monetary expertise and investments for PayU. There, he was answerable for investing and rising PayU’s fintech portfolio.
On Twitter, Amrish additionally shared a few of his previous learnings. On PayU’s acquisition of Citrus Pay and his keep at PayU, he tweeted,
“Citrus group feared founders will exit. PayU group puzzled why the “competitor” was new CEO? Transparency, openness is the one approach to construct confidence. Having fun with the work place and eachothers’ firm needs to be a precedence. We did many off-sites and dangle outs. Staff win wars for you.”
He additionally added mergers and acquisitions aren’t straightforward to do, and that founders must construct their very own model. Advising founders, he tweeted,
“For founders – Exits are a duty. Promoting the corporate shouldn’t be the top of the journey. Delivering a secure acquisition for the customer is. Indian startup ecosystem wants this.”
Whereas Amrish hasn’t revealed his future plans but, sources within the know informed YourStory that the previous PayU India CEO is likely to be becoming a member of one other main fintech agency. Additional, sources additionally added that Amrish had plans to start out his very personal enterprise.
Earlier in July 2019, Jitendra Gupta, with whom Amrish had began CitrusPay, additionally stop from his place as Managing Director of PayU to start out his new agency within the fintech house.
Subsequently, he began a digital banking platform Jupiter Cash underneath guardian model Amica Monetary Applied sciences.
In November, the agency had introduced it raised a seed spherical of $24 million from enterprise capital companies Sequoia Capital, Matrix Companions, 3One4 Capital, Tanglin Enterprise Companions, BeeNext, Germany’s Rocket Web, and
London-based Greyhound Capital. Submit the funding, the startup was valued at $70 million.
(Edited by Saheli Sen Gupta)