Paytm
Insider founder-CEO and Paytm CPO Shreyas Srinivasan quits after Zomato deal
New Delhi/IBNS: Shreyas Srinivasan on Monday (Nov. 4) resigned as Chief Product Officer and Head of Consumer Products at Paytm, following the sale of Paytm’s entertainment and live ticketing platform, Insider.in, to the food-delivery giant Zomato.
Srinivasan, the founder and former CEO of Insider, left his role there in August, and Monday marked his final day at Paytm.
The Rs 2,000 crore sale was completed in the second quarter of this year.
In a LinkedIn post, Srinivasan reflected on his decision: “When the deal between Zomato and Paytm Entertainment closed in August, it felt like the right moment to take a break, address my ‘technology debt,’ and rediscover a passion to pursue for the next two decades.”
The deal benefits both Paytm and Zomato.
While Paytm and related apps will continue offering entertainment tickets for a transitional period of 12 months, customers will gradually be encouraged to use Zomato's ‘District’ app, dedicated to live events and experiences.
Insider.in's sale contributed significantly to Paytm’s first-ever net profit of Rs 930 crore in Q2 FY24, a marked improvement from the Rs 290 crore loss a year prior.
Excluding the one-time gain, Paytm reported a Rs 495 crore loss for the quarter, still 70 percent higher than last year’s loss.
Srinivasan started his career at Only Much Louder (OML) in 2010, primarily a talent management company.
In 2014, OML launched Insider.in as an online ticketing and events platform, where Srinivasan took on the role of CEO.
Reflecting on this journey, he wrote, “I was uniquely positioned to build a product in this space, creating innovative solutions for every part of the ticketing stack.”
Insider.in grew fourfold in the two years after Covid-19 restrictions were lifted.
In 2017, Paytm acquired Insider.in for Rs 35 crore, with Srinivasan continuing as its CEO.
Paytm also purchased TicketNew, another movie ticketing platform, as part of its entertainment segment.
In April 2022, Srinivasan was appointed Chief Product Officer and Head of Consumer Products at Paytm.
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