by 
Paytm, India’s leading digital payments and financial services company, has narrowed its losses in the first quarter of the financial year 2023. The company’s loss for the quarter stood at Rs 358 crore, down from Rs 645 crore in the same quarter last year.
Paytm’s revenue for the quarter grew 39% to Rs 2,341 crore. The company’s gross merchandise value (GMV) grew 52% to Rs 1.3 lakh crore.
Paytm’s financial services business continued to grow, with the company’s lending business growing 72% to Rs 6,444 crore. The company’s investment business also grew, with the company’s AUM growing 36% to Rs 60,441 crore.
Paytm’s CEO Vijay Shekhar Sharma said that the company is “on track to achieve its long-term goals”. He said that the company is “focused on driving growth in its financial services business”.
Here are some additional details about the story:
- Paytm’s loss narrowed despite a decline in its advertising revenue.
- The company’s financial services business grew due to an increase in the number of loans disbursed and the average ticket size of loans.
- Paytm’s investment business grew due to an increase in the number of customers investing through the company’s platform.
Here are some quotes from Paytm executives:
- “We are on track to achieve our long-term goals,” said Vijay Shekhar Sharma, CEO of Paytm. “We are focused on driving growth in our financial services business.”
- “We are confident that we will continue to grow and thrive in the years to come,” said Sharma.
Overall, Paytm’s Q1 results were positive. The company narrowed its losses and recorded impressive revenue growth. The company’s financial services business continued to grow, and the company is confident that it will continue to grow in the years to come.”
