Yudiz CFO Zarna Shah Resigns Citing Personal Commitments

Blockchain and IT development company Yudiz’s chief financial officer Zarna Shah has tendered her resignation, effective January 31, 2025. 

In an exchange filing, the company said that Shah will also cease to function as a key managerial personnel (KMP) responsible for determining the materiality of events or transactions for stock exchange disclosures. 

“… due to her commitments of personal life, Mrs. Zarna Shah, has resigned from the post of Chief Financial Officer of the company with effect from closure of business hours on 31st January, 2025,” the NSE listed-company said in the filing. 

Founded in 2011, Yudiz specialises in web and mobile app development and provides services in areas of emerging technologies such as AR/VR, AI/ML, blockchain and IoT. 

The company reported a standalone net profit of INR 5,000 for H1 FY25 as against INR 1.34 Cr in the year-ago period. Meanwhile, its operating revenue for the period fell 23% to INR 11.15 Cr from INR 15.87 Cr in H1 FY24. 

This is the second major resignation at the company in the last few months. In October, Yudiz’s chief supply chain officer (CSCO) Raveena Bohra also put in her papers. Prerana Joshi replaced her as the CSCO.

Yudiz acquired a 51.01% stake in ABCM App Pvt Ltd to set up a new subsidiary – Insightly Dataworks Pvt Ltd – in September last year.

ABCM is a SaaS startup that designs and develops financial software and mobile applications for fintech companies. Yudiz acquired the company to get access to its financial clients, opening pathways for cross-selling its gaming, blockchain and AI solutions.

The company got listed on NSE SME platform at INR 185. This was a premium of 12% to the IPO price of INR 165 per share. 

Shares of the company ended Friday’s (January 24) trading session 4.4% lower at INR 54.45 apiece. This is over 70% lower from its listing price.