CEO Sharma:Paytm to focus on core business; deliver profitability soon

Paytm will apply to the RBI for a payments aggregator licence in due course. The company recently secured foreign direct investment approval from the Indian govt.

By Connect Gujarat Desk 12 Sep 2024

in Business

CEO Sharma:Paytm to focus on core business; deliver profitability soon

New Update

Paytm will focus on its core business of payments and cross-selling financial services as it works to achieve "profitability soon", said Vijay Shekhar Sharma, founder and chief executive officer of the fintech, on Thursday.

Sharma said Paytm will apply to the RBI for a payments aggregator licence in due course.

The company recently secured foreign direct investment approval from the Indian government.

Paytm is using artificial intelligence in its products, business and operations.

Paytm serves 40 million merchants and aims to reach 100 million.

The Noida-based company reported a loss of Rs 839 crore in the first quarter of FY25, as the impact of the restrictions on payments bank continued.

Loss was also attributed to a contraction in revenue from payments and financial services businesses. The company’s total income declined 33.5 per cent year-on-year to Rs 1,639.1 crore in the quarter.