According to a senior business official on Saturday, Paytm-branded fintech company One97 Communications anticipates generating free cash flow by the end of this year.
Vijay Shekhar Sharma, the founder and CEO of Paytm, stated on an earnings call that the company’s growth in the June 2023 quarter was due to development in the payments, financial services, and commerce sectors.
Paytm recorded a smaller loss for the first quarter ended June 30, 2023, at Rs. 358.4 crore.
From Rs. 1,679.6 crore in the quarter ending in June 2022, its operating revenue climbed by 39.4% to Rs. 2,341.6 crore in the reported quarter.
In the April–June quarter of FY 2023–24, the company reported that their merchant payments volume (GMV) increased 37 percent year over year to Rs. 4.05 lakh crore.
Sharma provided an update on the RBI’s ban on Paytm Payments Bank’s onboarding of new clients, stating that the bank has submitted a compliance report to the banking regulator, which is currently being reviewed.
He claimed that although it has taken longer than expected, the Reserve Bank of India’s permission should still arrive soon.
The RBI ordered the Paytm Payments Bank (PPBL) to suspend onboarding new users beginning on March 1, 2022, during the financial year (FY) 2022.
The apex bank designated an external auditor to carry out a thorough systems audit of the PPBL in FY2023.
The RBI’s final report, which underlined the need for ongoing upgrading of the Bank’s operational risk management practices, including KYC, was delivered to PPBL on October 21, 2022.
