PayU India co-founder and managing director Shailaz Nag has resigned, reports the Economic Times, making this the third executive departing the company in the last six months. Nag is reportedly looking for an opportunity in the payments space. Last week, Jitendra Gupta, PayU India’s managing director stepped down, reportedly to start his own venture. In January, PayU India’s CEO Amrish Rau – also the founder of Citrus Pay – moved on to a broader role at PayU parent company Naspers.

A PayU representative said the company is “heading towards the next phase of growth in India: creating a full regional Fintech eco-system. This is why we are in the process of on-boarding new expertise and talent. We will be making further announcements on this soon”.

Nag has been with PayU since 2011 when it was founded. Prior to that he was a founding member of ibibo Group and earlier was head of business and finance operations at Yahoo!