Paytm will not need funding in near future with free cash flow: CFO Madhur Deora

Madhur Deora Paytm

Mobile payments firm Paytm will not require funding in the near future as the company has Rs 8,300 crore of cash balance and is confident of becoming sustainable owing to the free cash flow.

“We don’t see the need for funding in the near future. We have zero debt, and we are very healthy from a balance sheet standpoint," Madhur Deora, executive director, president and group chief financial officer told shareholders at the company's annual general meeting.

Company founder and CEO Vijay Shekhar Sharma said that its recent launches of various Soundbox devices show how much it understands the needs of Indian merchants and consumers.

"We are expanding our deployment each quarter, with more and more innovative payment devices, to bring technology for every small shop in India. We believe a small merchant once given access to correct technology and financial services creates the true growth engine of India. It is where jobs are to be created and we create inclusive growth in our country," Sharma added.

Paytm had recently launched a stripped-down version of a full-fledged Point of Sale (POS) device that can accept payments through both the Unified Payment Interface (UPI) and credit cards.

"India is still early at growth for digital payments and this will soon become 10 crore. We will see a lot of incremental growth. From smallest shops to largest, that is our focus," said Bhavesh Gupta, president and chief operating officer.

Meanwhile, Sharma said the company is focussing on and investing in artificial intelligence to bring efficiency and security to the payments platform. "Artificial General Intelligence (AGI) software stack will create opportunities to lower costs, spread farther and make the company's financial system safer and secure," Sharma added at the AGM.