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| Photo Credit: REUTERS
Fintech agency One97 Communications, which owns the Paytm model, on May 22 stated its loss within the fourth quarter of the monetary yr 2023-24 has widened to ₹550 crore.
The firm had posted a loss of ₹167.5 crore in the identical interval a yr in the past, the corporate stated in a regulatory submitting.
The income from operations of Paytm declined 2.8% to ₹2,267.1 crore through the reported quarter, from ₹2,464.6 crore within the corresponding quarter of the monetary yr 2023.
For the yr ended March 31, 2024, the corporate’s loss narrowed to ₹1,422.4 crore. Paytm had recorded a loss of ₹1,776.5 crore in FY23.
The annual income of Paytm elevated by about 25% to ₹9,978 crore for FY24, from ₹7,990.3 crore in FY23.
The Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit score transactions or top-ups in any buyer accounts, wallets, and FASTags, conserving in view the curiosity of consumers, together with retailers from March 15 onwards.
Paytm had estimated a ₹300-500 crore loss due to the RBI’s restriction on PPBL.
