Paytm's Chief Product Officer quits after company's deal with Zomato
Paytm's Chief Product Officer and Head of Consumer Products, Shreyas Srinivasan, has resigned from his post. The news comes after Paytm sold its entertainment and live ticketing platform Insider.in to online food delivery giant Zomato. The deal was closed in Q2 for ₹2,000 crore. Srinivasan quit his post at Insider in August 2024 and officially left Paytm on Monday.
Srinivasan's journey and future plans
Srinivasan started his career at Only Much Louder (OML) in 2010, a talent management company. In 2014, OML launched Insider.in, an online ticketing and events platform where he was the founder and CEO. After Paytm acquired Insider for ₹35 crore in 2017, Srinivasan remained the CEO of the division. He was made CPO and head of consumer products at Paytm in April 2022.
Insider's growth and impact on Paytm's financials
Under Srinivasan's leadership, Insider saw tremendous growth after COVID-19 lockdown restrictions were lifted. The company grew four times in two years. The sale of Insider.in helped Paytm post its first-ever net profit of ₹930 crore in Q2 2024, a turnaround from a loss of ₹290 crore a year ago. Without this extraordinary gain, Paytm would have posted a loss of ₹495 crore for the quarter, 70% more than last year's.
Srinivasan's departure and Zomato's future plans
Srinivasan announced his departure on LinkedIn, saying it felt like the right time to take a break after the deal between Zomato and Paytm Entertainment closed. He said he wants to "fix the technology debt of my body and re-discover a passion I can chase for the next two decades." While Paytm app and its related apps will offer entertainment ticketing for the next year, users will gradually be redirected to Zomato's 'District' app over this period.
