Patym share were up 4 percent after the company's revenue grew 38 percent year-on-year (YoY) to Rs 2,850 crore in the October-to-December quarter. Revenue increased due to accelerated gross merchandise value growth, higher device addition, and growth of financial services business.
At 10:01 am, Paytm stock was trading at Rs 780.25.
The company's losses narrowed to Rs 222 crore, compared to Rs 392 crore reported in the last financial year.
Paytm's three loan distribution offerings was up 56 percent YoY at Rs 15, 535 crore in Q3FY24. The three loan offerings include merchant loans, personal loans, and postpaid loans. This amount however, was 4 percent lower as compared to the last quarter due to macro uncertainty and regulatory guidance on unsecured loans. Paytm said that it is seeing a good ramp-up in the high-ticket loan segment with a distribution of Rs 490 crore during in the quarter.
Paytm said that it will be investing Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem. It said that the investment will reduce friction in cross-border remittances with faster and cost-effective solution using Artificial Intelligence. Paytm will make this investment over a period of time.
The company said that it is seeing strong demand from merchants for its mobile payment acceptance products due to innovative features, superior quality, and strong distribution and service network. In this quarter, its merchant subscriber network crossed 1 crore benchmark and grew by 14 Lakh for the quarter.
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