Crypto exchange ZebPay's CEO Avinash Shekhar quits; to launch his own web 3.0 start-up
As the going continues to get tougher for Indian cryptocurrency start-ups, ZebPay Chief Executive Officer (CEO) Avinash Shekhar has decided to move on. This comes a month after Chief Financial Officer (CFO) Tarun Jain left the company, multiple sources aware of the matter said.
ZebPay is one of the largest cryptocurrency exchanges in India.
When reached out, the ZebPay team confirmed the development to Moneycontrol, adding that Shekhar will now work on his own start-up, which will be operating in the Web 3.0 and crypto tax compliance space. ZebPay will hold a minority stake in this new start-up.
“Avinash will focus on his start-up later this year, which is in the Web 3.0 space. However, he will continue to stay in an advisory role on ZebPay, as a director. Rahul has always been a part of the decisions at ZebPay and will continue to lead the business, going forward,” the company told Moneycontrol.
Shekhar will also continue to be associated with the company as a board member and consultant for the long term. According to his LinkedIn profile, Shekhar started working with the company in July 2017 as CFO before taking over, first as a co-CEO and later as CEO in December 2021.
“Tarun was getting a CEO level position at his new company. He knew it would be a longer path here, so he moved on. Avinash has been my co-captain at ZebPay helping in turning around the company,” Rahul Pagidipati, Chairman, ZebPay, told Moneycontrol. Both Shekhar and Pagidipati spoke to us to address our queries.
According to the sources, several other members from the senior management have quit the company amidst uncertainty in the industry, but Pagidipati maintained that it’s mostly among mid-level staff.
Pay-cut and resignations
This comes at a time when
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