The revenue of One97 Communications, the company of Paytm, which provides payment services, increased by 42 percent to about Rs 2,062 crore in the last quarter. This is an increase of about eight percent on a quarterly basis. The company says that a major reason behind this is the increase in the number of consumers and merchants taking subscription services. Apart from this, the loan distribution business of the company is also growing rapidly.
The share of revenue from financial services, including loan distribution, in the total revenue of the company has increased to about 22 per cent. Vijay Shekhar Sharma, Founder and CEO, Paytm said, “This is due to the hard work of our team. The team was asked to drive growth with quality revenue that drives profitability. accomplished.”
Analysts expect the company to turn adjusted EBITDA positive in March. One97 Communications said that it will maintain discipline regarding the cost. The company is planning to invest in areas with potential for growth. These include marketing to increase the number of users. Paytm The number of consumers using the app is increasing. It was around 8.5 crores in the December quarter. There has been an increase of about 32 percent on an annual basis. The gross merchandise value processed through Paytm’s platform was around Rs 3.46 lakh crore in the quarter ended December, a growth of 38 per cent year-on-year.
Last year, the Enforcement Directorate (ED) had sought information from Paytm regarding the investigation being conducted against some merchants. The ED had carried out searches at some premises of One 97 Communications. In this regard, the spokesperson of the company had told that no new information was investigated in this search of ED. Ed has sought information about certain merchants from various payment service providers. The spokesperson had said, “We have provided the necessary information.” Paytm had told that ED has not directed to block any merchant linked to it or its group entities. China’s Alibaba Group has a stake in One 97 Communication.