MUMBAI: One 97 Communications which owns fintech main Paytm on Friday reported a narrowing of losses to Rs 221 crore on a consolidated foundation for the quarter ended December 2023. Net losses stood at Rs 392 crore within the yr in the past quarter.
Revenue from operations throughout the quarter elevated to Rs 2,850 crore from Rs 2,062 crore posted within the yr in the past interval, recording a y-o-y rise of 38%, helped by development in subscription revenues and cost enterprise.The Noida-based agency claimed that the variety of retailers subscribing to its cost units 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 corporate mentioned in an announcement.
Paytm’s board accepted the incorporation of latest wholly owned subsidiaries in GIFT International Financial Services Centre (IFSC). Earlier this month, the corporate revealed plans to speculate Rs 100 crore in GIFT City to construct a worldwide monetary ecosystem. It goals to streamline cross-border remittances with environment friendly, AI-powered options. Besides, the corporate’s board additionally gave a go forward for the execution of a joint improvement settlement between the Company and ACE Builders and Promoters. ACE, the agency mentioned, will elevate funds for the event of an IT/ITES complicated on a 10-acre plot positioned in Sector 159, Noida which was allotted to the Company in March 2018 by the New Okhla Industrial Development Authority.
The share value of Paytm on Friday ended at Rs 773.90 apiece on the BSE, up 2.55%.
Revenue from operations throughout the quarter elevated to Rs 2,850 crore from Rs 2,062 crore posted within the yr in the past interval, recording a y-o-y rise of 38%, helped by development in subscription revenues and cost enterprise.The Noida-based agency claimed that the variety of retailers subscribing to its cost units 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 corporate mentioned in an announcement.
Paytm’s board accepted the incorporation of latest wholly owned subsidiaries in GIFT International Financial Services Centre (IFSC). Earlier this month, the corporate revealed plans to speculate Rs 100 crore in GIFT City to construct a worldwide monetary ecosystem. It goals to streamline cross-border remittances with environment friendly, AI-powered options. Besides, the corporate’s board additionally gave a go forward for the execution of a joint improvement settlement between the Company and ACE Builders and Promoters. ACE, the agency mentioned, will elevate funds for the event of an IT/ITES complicated on a 10-acre plot positioned in Sector 159, Noida which was allotted to the Company in March 2018 by the New Okhla Industrial Development Authority.
The share value of Paytm on Friday ended at Rs 773.90 apiece on the BSE, up 2.55%.
