PayU's finance head Gurpreet Singh quits

Naspers-backed PayU Payments Pvt. Ltd has seen another top level exit with the resignation of its finance head. Gurpreet Singh, vice president and head of finance at PayU India, has quit the digital payments firm to join HCL Technologies.

While confirming the development to Techcircle.in, Singh said he will be a part of HCL Technologies' leadership team.

Singh—who was a part of PayU's finance leadership team and was responsible for formulating business strategy and vision, financial budgets, and managing investors' expectations—didn't give more details about his role at HCL. It is still "evolving", he said.

His last working day at PayU was October 14.

Recently, PayU and Citrus Pay merged in a $130 million deal. As part of the deal, the combined entity also witnessed management restructuring under which PayU co-founder and chief executive Nitin Gupta had decided to leave the firm. Citrus Pay's managing director Amrish Rau took over as chief executive of the merged entity while its founder Jitendra Gupta joined as managing director.

"The shift has nothing to do with the merger and consolidation and is more to do with my personal interest of switching from a finance leadership role to a business strategy role," Singh said.

Earlier this week, Abhishek Tripathi, associate director and business head at PayU, announced his decision to quit the company to lead the SMB (small and medium-sized business) vertical of Airtel Payments Bank.

In July, PayU's digital marketing head Saranjeet Singh joined Airtel Payments Bank (formerly known as Airtel M-Commerce Services Ltd) in the similar role.

Airtel Payments Bank is one of the 11 entities which got the Reserve Bank of India (RBI)'s in-principle nod to offer payment banking services.

The firm, which has presence in more than 800 towns across India, has been firming up its plans to roll out its banking network.