Fintech agency One97 Communications, which operates below the Paytm model, expects to generate free cash flow by the tip of this year, a high firm official mentioned on Saturday. Paytm founder and CEO Vijay Shekhar Sharma, in an earnings name, mentioned that progress for the corporate within the June 2023 quarter got here on account of growth in funds, monetary providers and commerce enterprise.
“We are on our committed guidelines of becoming free cash flow positive by the year-end,” Sharma mentioned. Paytm has reported a narrowing of loss to Rs 358.4 crore within the first quarter ended June 30, 2023. The firm had posted a lack of Rs 645.4 crore in the identical interval a year in the past.
Its income from operations elevated by 39.4 per cent to Rs 2,341.6 crore throughout the reported quarter from Rs 1,679.6 crore within the June 2022 quarter. The firm mentioned its service provider funds quantity (GMV) grew 37 per cent year-on-year to Rs 4.05 lakh crore within the April-June quarter of FY 2023-24.
Sharing an replace on the RBI’s bar on the onboarding of latest clients by Paytm Payments Bank, Sharma mentioned it has submitted a compliance report to the banking regulator, and the identical is below evaluate.
He mentioned that approval from the Reserve Bank of India has taken longer than it was anticipated however it’s anticipated to come quickly.
During the monetary year (FY) 2022, the RBI directed the Paytm Payments Bank (PPBL) to cease the onboarding of latest clients with impact from March 1, 2022. In FY2023, the apex financial institution appointed an exterior auditor to conduct a complete programs audit of the PPBL.
On October 21, 2022, PPBL obtained the ultimate report thereof from the RBI, outlining the necessity for continued strengthening of IT outsourcing processes and operational danger administration, together with KYC and so on on the Bank.
