Paytm, India’s leading mobile payments firm, recorded a 13.2% surge in revenue to $285.7 million in the quarter ending March and cut its loss by 57% to $20.5 million in a sharp turnaround for the company that is increasingly trying to become profitable.
Paytm’s overall revenue in the financial year ending March 2023 stood at $977.9 million, up from $644.4 million. During the period, the firm trimmed its losses to $217 million, down from $293.3 million.
Paytm, once the poster child of the Indian startup ecosystem, suffered from a poor public debut in 2021. The Noida-headquartered firm, in response, pledged to accelerate its efforts to profitability.
The firm, led by Vijay Shekhar Sharma, is still down 67% from its IPO price of 2,150 Indian rupees ($26.3). In addition to improving its revenue and contribution margin, the firm is also aggressively deepening its product offerings, including primarily its loan offerings, to attract customers.
Paytm’s marquee service of mobile payments competes with PhonePe, backed by General Atlantic and Walmart, and Google’s Google Pay. PhonePe, with less than $350 million in revenue, is valued at $12 billion.
More to follow.