Fintech agency One97 Communications, which operates underneath the Paytm model, expects to generate free cash flow by the tip of this year, a high firm official stated on Saturday.
Paytm founder and CEO Vijay Shekhar Sharma stated in an earnings name that progress for the corporate within the June 2023 quarter got here on account of enlargement in funds, monetary companies and commerce enterprise.
“We are on our committed guidelines of becoming free cash flow positive by the year-end,” Mr. Sharma stated.
Paytm has reported narrowing of loss to ₹358.4 crore within the first quarter ended June 30, 2023.
The firm had posted a lack of ₹645.4 crore in the identical interval a year earlier.
Revenue from operations elevated 39.4% to ₹2,341.6 crore through the reported quarter from ₹1,679.6 crore within the June 2022 quarter.
The firm stated its service provider funds quantity (GMV) grew 37% year-on-year to ₹4.05 lakh crore within the April-June quarter of FY23-24.
Sharing an replace on the RBI’s bar on the onboarding of recent clients by Paytm Payments Bank, Mr. Sharma stated it had submitted a compliance report to the banking regulator, and the identical was underneath overview.
He stated that approval from the Reserve Bank of India had taken longer than it was anticipated however was anticipated to come quickly.
During FY22, the RBI directed the Paytm Payments Bank (PPBL) to cease onboarding of recent clients with impact from March 1, 2022.
In FY23, the apex financial institution appointed an exterior auditor to conduct a complete programs audit of the PPBL.
On October 21, 2022, PPBL acquired the ultimate report thereof from the RBI, outlining the necessity for continued strengthening of IT outsourcing processes and operational threat administration, together with KYC, on the financial institution.
