Mumbai: One97 Communications, which owns fintech major Paytm, reported a contraction on Friday Loss Rs 221 crore on consolidated basis for quarter Expires December 2023. Net loss in the year-ago quarter was Rs 392 crore.
Revenue from operations during the quarter increased to Rs 2,850 crore from Rs 2,062 crore in the year-ago period, registering a growth of 38% year-on-year, helped by growth in subscriptions. Revenue and payment business. The Noida-based firm claimed that the number of merchants subscribing to its payment instruments reached 1.06 crore by December 2023.
“Within the payments sector, the company is focused on strengthening its acquisition leadership
Using a multi-device strategy. Furthermore, it will emphasize the introduction of new use cases,
Monetization includes credit on UPI and autopay to incentivize incremental customer acquisition
acquisition. Emphasis is on widening high-ticket offerings in the financial services sector
Loans by following new lending partners. Along with this, the company is also expanding its offerings.
In embedded insurance and trader insurance, and actively cross-selling equity trading
Paytm consumer base,” the company said in a statement.
Paytm’s board approved incorporation of new wholly owned subsidiaries in GIFT International Financial Services Center (IFSC). Earlier this month, the company had revealed plans to invest Rs 100 crore in GIFT City to create a global financial ecosystem. It aims to streamline cross-border remittances with efficient, AI-powered solutions. Further, the Board of the Company also approved 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 by the New Okhla Industrial Development Authority in March 2018.
On Friday, Paytm share price closed at Rs 773.90 with a gain of 2.55% on BSE.
Revenue from operations during the quarter increased to Rs 2,850 crore from Rs 2,062 crore in the year-ago period, registering a growth of 38% year-on-year, helped by growth in subscriptions. Revenue and payment business. The Noida-based firm claimed that the number of merchants subscribing to its payment instruments reached 1.06 crore by December 2023.
“Within the payments sector, the company is focused on strengthening its acquisition leadership
Using a multi-device strategy. Furthermore, it will emphasize the introduction of new use cases,
Monetization includes credit on UPI and autopay to incentivize incremental customer acquisition
acquisition. Emphasis is on widening high-ticket offerings in the financial services sector
Loans by following new lending partners. Along with this, the company is also expanding its offerings.
In embedded insurance and trader insurance, and actively cross-selling equity trading
Paytm consumer base,” the company said in a statement.
Paytm’s board approved incorporation of new wholly owned subsidiaries in GIFT International Financial Services Center (IFSC). Earlier this month, the company had revealed plans to invest Rs 100 crore in GIFT City to create a global financial ecosystem. It aims to streamline cross-border remittances with efficient, AI-powered solutions. Further, the Board of the Company also approved 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 by the New Okhla Industrial Development Authority in March 2018.
On Friday, Paytm share price closed at Rs 773.90 with a gain of 2.55% on BSE.
