Pivoting away from Cube brought us to the right route: PayU's Jitendra Gupta

Around March-April 2015, we (then Citrus Pay) were focused on our consumer app for personal payments called Cube and had invested about $3 million into it.
 
We had just finished our fundraise around the time and we were beginning to see the first signs of the funding winter set in. We realised it was time to take the tough call on what makes sense for the long-term versus what is finding favour in the market in the short term.
 
Investors were questioning us over the scalability of Cube and whether it was unique enough? While we had raised money on the back of the Citrus payments business, there were concerns amongst investors over Cube as a new business line and an investment into it.
 
So we decided to take a hard look at our businesses internally. The payments business was for sure, the backbone, but we realised Cube was not going to fetch us significant returns in the long term. So we shelved this in favour of a credit-focused business line that we began around the same time which was LazyPay.
 
In October 2015, after about 10 months of seeing the market, funding environment and the forecast for how our products could scale in the next 2-3 years, we took the tough call to discard Cube despite the investment made into it.
 
In hindsight, it was the best decision for the company because Cube was primarily nothing but a recharge and bill payment app and that would not have fetched us anything significant because so many companies are operating in that space and now only Paytm and a few others remain, with the rest having folded up due to lack of further investments and scale.
 
Around the same time, the launch of LazyPay, led us to truly shift to a fintech company beyond just a payments firm. This whole space opened up the next lever of growth for us, and has the potential to become larger than even the payments business on revenues.
 
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