MUMBAI: One 97 Communications which owns finetch major Paytm on Friday reported a narrowing of losses to Rs 221 crore on a consolidated basis for the quarter ended December 2023. Net losses stood at Rs 392 crore in the year ago quarter.
Revenue from operations during the quarter increased to Rs 2,850 crore from Rs 2,062 crore posted in the year ago period, recording a y-o-y rise of 38%, helped by growth in subscription revenues and payment business.The Noida-based firm claimed that the number of merchants subscribing to its payment devices reached 1.06 crore as of December 2023.
“Within the payments sector, the company is focused on strengthening its acquiring leadership
using a multi-device strategy. Furthermore, it will emphasise the introduction of new use cases,
including Credit on UPI and Autopay, to stimulate monetisable incremental customer
acquisition. In the financial services segment, there is an emphasis on broadening high-ticket
loans by pursuing new lending partners. Simultaneously, the company is extending its offerings
in embedded insurance and merchant insurance, and actively cross-selling equity trading to the
Paytm consumer base,” the company said in a statement.
Paytm’s board approved the incorporation of new wholly owned subsidiaries in GIFT International Financial Services Centre (IFSC). Earlier this month, the company revealed plans to invest Rs 100 crore in GIFT City to build a global financial ecosystem. It aims to streamline cross-border remittances with efficient, AI-powered solutions. Besides, the company’s board also gave a go ahead for the execution of a joint development agreement between the Company and ACE Builders and Promoters. ACE, the firm said, will raise funds for the development of an IT/ITES complex on a 10-acre plot located in Sector 159, Noida which was allotted to the Company in March 2018 by the New Okhla Industrial Development Authority.
The share price of Paytm on Friday ended at Rs 773.90 apiece on the BSE, up 2.55%.
Revenue from operations during the quarter increased to Rs 2,850 crore from Rs 2,062 crore posted in the year ago period, recording a y-o-y rise of 38%, helped by growth in subscription revenues and payment business.The Noida-based firm claimed that the number of merchants subscribing to its payment devices reached 1.06 crore as of December 2023.
“Within the payments sector, the company is focused on strengthening its acquiring leadership
using a multi-device strategy. Furthermore, it will emphasise the introduction of new use cases,
including Credit on UPI and Autopay, to stimulate monetisable incremental customer
acquisition. In the financial services segment, there is an emphasis on broadening high-ticket
loans by pursuing new lending partners. Simultaneously, the company is extending its offerings
in embedded insurance and merchant insurance, and actively cross-selling equity trading to the
Paytm consumer base,” the company said in a statement.
Paytm’s board approved the incorporation of new wholly owned subsidiaries in GIFT International Financial Services Centre (IFSC). Earlier this month, the company revealed plans to invest Rs 100 crore in GIFT City to build a global financial ecosystem. It aims to streamline cross-border remittances with efficient, AI-powered solutions. Besides, the company’s board also gave a go ahead for the execution of a joint development agreement between the Company and ACE Builders and Promoters. ACE, the firm said, will raise funds for the development of an IT/ITES complex on a 10-acre plot located in Sector 159, Noida which was allotted to the Company in March 2018 by the New Okhla Industrial Development Authority.
The share price of Paytm on Friday ended at Rs 773.90 apiece on the BSE, up 2.55%.
