Shreyas Srinivasan resigned as the chief product officer and head of consumer products at Paytm on Monday.
The resignation came after Paytm’s entertainment and live ticketing platform Insider.in was sold to the online food-delivery platform Zomato. Srinivasan was the founder and CEO of Insider.
The Rs 2,000-crore deal was completed in the second quarter and Srinivasan left his position at Insider in August and Monday was his last day at Paytm.
“In August, when the deal between Zomato and Paytm Entertainment closed, it felt like the right time to take a break, fix the technology debt of my body and re-discover a passion I can chase for the next two decades,” Srinivasan said in a post on career social networking platform LinkedIn.
The deal has been a win-win for both NCR-based consumer tech companies. While the Paytm app and some of its sister apps continue to sell entertainment ticketing options for the next 12 months, the users will be gradually redirected and incentivised to switch to the Zomato’s ‘District’ app, meant for its going out business vertical.
The sale of Insider.in helped Paytm post its first-ever net profit of Rs 930 crore in the second quarter ended September 2024 from a loss of Rs 290 crore a year back. Without the exceptional gain, Paytm had a loss of Rs 495 crore in the said quarter, which was 70 percent more than last year's.
From Insider to Paytm
Srinivasan joined Only Much Louder in 2010 as director which was mostly a talent management company. In 2014, OML launched Insider.in, an online ticketing and events platform, and he became the founder and CEO of the division.
“I was uniquely positioned to build a product in this space. Building a new platform needed new solutions in every part of the ticketing stack,” Srinivasan wrote in the post. According to him, after the Covid lockdown restrictions were lifted, the company grew four times in two years.
In 2017, Paytm acquired Insider for Rs 35 crore and Srinivasan continued to be the CEO of the division. Paytm also acquired online movie ticketing platform TicketNew under its entertainment business.
In April 2022, Srinivasan was made the CPO and head of consumer products at Paytm.
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