Gurmeet Singh, CEO of Rajshri Media has put in his papers, reports Business of Cinema. MediaNama has independently confirmed the development:  Singh says that he and the company mutually agreed to part ways. He has not finalized his next move, though he said that he will continue to stay in Mumbai, and will probably not be moving back to Delhi.

We had heard that Singh had a stake in Rajshri Media, but he confirmed to us that he didn’t. He declined to comment on the company and its performance. Singh had joined Rajshri Media less than a year ago from Music Today, a part of the India Today Group. Singh had been with Music Today for six years, prior to which he was with Sony BMG for around three and a half years. 

Last year, Rajshri COO Ravi Nalappa and CTO William D’Souza had also left the company.

Updated below

How Is Rajshri Media Doing?

Rajjat Barjatya, MD of Rajshri Media told the Times of India recently that the company crossed $1 million in annual turnover, though there was a 25-30% decline in revenues during the quarter ended December 31st 2008. Remember that Barjatya had told MediaNama that the company will break even by the end of 2008; apparently, they came close, but couldn’t quite manage it because of the decline in advertising. Interestingly, 50% of the companys revenues come from distribution platforms other than Rajshri.com.

Update: Rajshri Media’s Plans For The Recession

Rajjat Barjatya, MD of Rajshri Media told MediaNama that going forward, the company is doing four things: “Consolidating the good work that we have done over the past two years, relaunching Rajshri.com, increasing focus on syndicated revenue streams and controlling costs. As of now, I will head day to day operations as the de-facto CEO. We have to tide over the current advertising crisis. We’ve taken steps to introduce new ad units – Tata Indicom gave us 4% CTR. We’ve instituted compulsory registrations on our site for viewing videos, so that ads can be more focused and targeted. We’ve also introduced semi transparent ads, floating banners inside the video.”

Barjatya says that with the decline in advertising, syndication will be a key revenue stream for them – from YouTube, Amazon Video on Demand, iTunes etc. He said that the company will also soon be on MySpace, and will also unveil some offerings in the Caller Ringback Tones (CRBT) space.