Foursquare co-founder Naveen Selvadurai is checking out from the company he founded three years ago with co-founder and Chief Executive Dennis Crowley.
Selvadurai, 30, announced yesterday on his blog that he will step down from his day-to-day operational role at the company later this month. He said he will continue to serve as a board member and adviser to the company.
"I feel I've done all I can do and I'm moving on," he wrote. Selvadurai didn't specify what he would do next, but suggested that entrepreneurship would most likely be in the cards.
Selvadurai's resignation was previously reported by GigaOm.
Foursquare, an early leader in location-based services, allows its users to announce their presence at, say, a restaurant or nightclub from their mobile phones. In the last year the company has more than doubled its staff to over 100 employees and opened a satellite office in San Francisco. In January, the company moved into its new Manhattan headquarters in the city's fashionable SoHo neighborhood.
In June, the company raised $50 million in new venture capital financing that valued the company at $600 million. A recent report in TechCrunch said that existing investor Spark Capital had agreed to purchase $50 million of employee stock.
In a statement, Foursquare spokeswoman Erin Gleason said that the company has 15 million members who have checked in with the service over 1.5 billion times. "This wouldn't have been possible without Naveen's creativity, vision, and tireless work. We're sad to see him go, but excited to see what he builds next. We can't thank him enough for everything he's done to make foursquare what it is today," she wrote.
Selvadurai and Crowley, who met at a shared office space in New York in 2007, began working on Foursquare in late 2008 and launched the product at the South by Southwest conference in 2009. Before Foursquare, Selvadurai had worked as the lead architect at start-up Sociallight and as a senior software architect at Sony Music Entertainment.
Write to Joseph Walker at Joseph.Walker@dowjones.com