Shreyas Srinivasan resigns as Paytm CPO following Insider sale to Zomato
06 Nov 2024, 03:03 PMThe sale of Insider.in helped Paytm post its first-ever net profit Rs 930 crore in the second quarter ended September 2024.
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Shreyas Srinivasan has resigned as the chief product officer and head of consumer products at Paytm. Srinivasan was the founder and CEO of Insider -- an entertainment and live ticketing platform, which was recently sold to Zomato in a Rs 2000 crore deal.
Announcing his exit on social network platform LinkedIn, Srinivasan said, "Today is my last day at Paytm and August was my last month at Insider.in. This marks the end of a glorious personal journey. In August, when the deal between Zomato and Paytm Entertainment closed, It felt like the right time to take a break, fix tech debt of my body and re-discover a passion I can chase for the next two decades."
In 2010, Srinivasan joined a talent management company Only Much Louder (OML). In 2014, OML launched Insider.in, and he became the founder and CEO of the division. In 2017, Paytm acquired majority stake in Insider.in for Rs 35 crore.
"In 2014, NH7 led me to Insider. At that time there was no platform dedicated to live entertainment and 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 2018, Insider became Paytm Insider and by 2020, we were a force to be reckoned with. We had already become market leaders in sports ticketing and we were a close second in other categories."
Then, Covid happened and this booming business went to zero quickly, he added.
Post Covid, Insider split into two parts -- the first team moved to working on the Paytm product, and the second team waited for "live entertainment to come back."
"Once things opened up, this business grew more than 4x in the last two years."
In April 2022, Srinivasan was made the CPO and head of consumer products at Paytm.
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 ago.
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