Paytm has crossed the significant milestone of having over 100 million active customers in the previous quarter. The achievement reflects the company’s growing presence and popularity in the fintech sector.
During the October-December quarter of FY 24, Paytm showcased robust financial performance. The company’s revenue surged by an impressive 38% year-on-year, reaching ₹2,850.5 crore, compared to ₹2,062.2 crore in the same period the previous year. Notably, there was a significant improvement in net loss, which narrowed down to ₹221 crore from ₹392 crore reported in Q3 FY23. However, it’s worth mentioning that Paytm has not yet posted a net profit since its initial public offering (IPO) in November 2021.
Vijay Shekhar Sharma, Founder and CEO of Paytm, lauded this accomplishment as a ‘key milestone’ for the company. He emphasized their strategic focus on acquiring strictly monetizable incremental users, citing the success of products like UPI Credit and UPI autopay, which have witnessed substantial growth. Sharma believes that these offerings will continue to attract high-quality customers to the platform, ensuring sustained customer acquisition and growth.
Furthermore, Paytm is actively working on incorporating artificial intelligence (AI) into its daily operations to enhance operational efficiency. Vijay Shekhar Sharma shed light on the areas where Paytm is harnessing AI services. Firstly, they have accelerated the deployment of AI in product development and technology, including code generation and quality assurance. The company is collaborating with various copilot technology firms to drive innovation in this domain. Secondly, AI is enabling Paytm to create operating efficiencies by automating mundane tasks and reducing human involvement, ultimately leading to a more scalable and efficient system. These AI-led initiatives mark a pivotal step in Paytm’s commitment to technological advancement and improved service delivery.
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