Suresh Rajagopalan, chief executive officer of Wibmo, a PayU company, has resigned, according to three people familiar with the matter who spoke to The Head and Tale.

Rajagopalan joined Wibmo in April 2020 as chief business officer and was promoted to CEO in October 2020. He was part of PayU’s leadership team and reported to PayU India chief Anirban Mukherjee. In April 2019, PayU acquired Wibmo, a digital payment security and mobile payment technologies, for $70 million.

Prior to Wibmo, Rajagopalan served as President of Retail Payments at FSS Technologies.

According to an internal email sent to Wibmo employees on Wednesday, confirmed by two sources, Rajagopalan is no longer CEO, effective immediately. He has transitioned to a new role working with Anirban Mukherjee on few DPI projects.

One source suggested that the DPI project assignment is more of a transitional role, aligning with Rajagopalan’s notice period, which is expected to last a few months.

While Wibmo's product team reports to chief product officer Manas Mishra, the business team will now report to Mukherjee.

"Earlier this week, Prosus' new CEO, Fabricio Bolisi, in his Prosus Strategy Share presentation, discussed leadership changes at PayU, so this could be part of that plan," added another source.

Email queries sent to PayU did not elicit any response. Rajagopalan also did not respond to messages from The Head and Tale sent via LinkedIn and WhatsApp seeking comment.

Two weeks ago, we reported on layoffs at PayU Finance, the non-banking financial company (NBFC) arm of PayU, where nearly 100 employees from the lending unit were let go.

A PayU spokesperson had then responded, saying, “In line with the changing market dynamics, PayU is pivoting its Credit business strategy to focus on strategic priorities that will drive growth and enhance customer experience. This realignment has resulted in some departures, and we are fully supporting all colleagues during this transition.” However, the spokesperson did not confirm the exact number of layoffs.

In addition to the layoffs, we also reported several senior-level exits at PayU in recent months.