Paytm tops $977 million revenue in a year, narrows loss
- During the period, the firm trimmed its losses to $217 million, down from $293.3 million.The firm attributed surge in its revenue to growth in monetization on payments and broadening of its loan distribution business.
- In addition to improving its revenue and contribution margin, the firm is also aggressively deepening its product offerings, including primarily its loan offerings, to attract customers.Paytm’s marquee service of mobile payments competes with PhonePe, backed by General Atlantic and Walmart, and Google’s Google Pay.
- Paytm ended Friday at a market cap of $5.35 billion.“As we step into the new fiscal year of 2024, we are excited by the long term potential for revenue growth and profitability across payment and lending businesses.
- We have made significant investments towards sales manpower, improvement of technology platform, marketing spends etc., which will help us carry this momentum.”Paytm, once the poster child of the Indian startup ecosystem, suffered from a poor public debut in 2021.
- The growth of UPI and other mobile payment methods presents a wealth of untapped opportunities,” Paytm said in a press statement following the earnings release.
- The Noida-headquartered firm, in response, pledged to accelerate its efforts to profitability.The firm, led by Vijay Shekhar Sharma, is still down 67% from its IPO price of 2,150 Indian rupees ($26.3).
Paytm, Indias leading mobile payments firm, recorded a 13.2% surge in revenue to $285.7 million in the quarter ending March and cut its loss by 57% to $20.5 million in a sharp turnaround for the com [+2096 chars]