After a slew of senior exits, Gurugram-based fintech firm PayU is undergoing a major reorganization, sources close to the matter told The Head and Tale.

This development follows the resignation of the company’s chief business officer, Sudhir Sehgal, a move exclusively reported by The Head and Tale. After the publication of this story on January 7 (Tuesday), we learned that Sehgal announced his departure during a team town hall.

Sehgal’s exit adds to a series of high-profile leadership departures, including PayU’s chief investment and transformation officer Vijay Agicha and Wibmo CEO Suresh Rajagopalan, over the past couple of months. These exits have also been exclusively reported by The Head and Tale.

We were the first to report that, following Sehgal’s exit—who was managing approximately 65–80% of PayU’s business—"critical verticals will move to Hemang Dattani, Vineet Sethi, and Nikhil Mehta."

Mukherjee also outlined the new leadership structure:

LoB1 (Line of Business 1): Focused on enterprise merchants and banking alliances.

LoB2 (Line of Business 2): Focused on expanding market share across emerging enterprise businesses (EEB), government, mid-market, D2C, SMBs, startups, and new verticals. Partnerships, marketing, and branding will act as accelerants under LoB2.

Product: Encompassing product solutions, banking products, network alliances, and segment strategies.

Tech: Covering technology software development (TSD), integration, and monitoring.

"Effective immediately, Hemang Dattani will lead the newly re-scoped LoB1, while continuing to oversee the data organisation. Vineet Sethi will maintain his leadership of LoB2 and take on additional responsibilities for as outlined above. Manas Mishra will continue to lead the Product org with the additional responsibilities mentioned above and Narendra Babu will continue to lead Tech in the new structure outlined above," Mukherjee said.

He further added that Mohit Gopal will expand his role to include operations, M&A and investments, alongside RDP (Red Dot Payment). 

Gopal, currently CEO of Singapore-based Red Dot Payment (acquired by PayU in 2019), will basically take over responsibilities previously held by Vijay Agicha, who quit in November.

The leadership changes come as PayU’s long-anticipated IPO faces delays. Initially slated for late 2024, Prosus now aims for a 2025 listing. Speaking on a media call recently, Prosus CIO Ervin Tu stated, “We hope that it [IPO] could be a 2025 event.”

The IPO uncertainty persists despite Prosus’s optimism following Swiggy’s recent successful listing. Sources have noted that Prosus leadership has increased pressure on PayU India to improve profitability, following disappointing FY24 performance.

In September, The Head and Tale also reported layoffs at PayU Finance, the company’s NBFC arm, where nearly 100 employees were let go. These layoffs, along with a series of senior and mid-level departures in recent months, highlight the pressure on the India business to deliver results amid intensified scrutiny.