Lagatar24 Desk
Noida, Nov.27: One 97 Communications Ltd, the parent company of fintech firm Paytm, announced today that revenue from operations for the quarter ended September 2021 increased by 64% year on year to 1,090 crore, owing to a 52 percent increase in non-UPI payment volumes (GMV) and strong growth in financial services and other revenue.
Paytm recorded a consolidated net loss of 474 crore, up to 437 crore in the same quarter a year ago, in its first earnings report after going public this month. Expenses increased to over 1,600 crore from 1,170 crore the previous year.
“We have maintained the growth momentum in our payments services business, expanded our financial services business aggressively and are on our way to pre-COVID volumes for commerce and cloud services,” Paytm’s management said in a statement, adding that the company was well funded.
“We are well funded with pro forma cash, cash equivalent and investable balance of ?11,000 crore ( ?2900 crore as of September 2021 and ?8100 crore of net IPO proceeds) and have a large cushion of ungranted ESOPs,” the company said.
Payments and financial services revenue increased by 69% to 842.6 crore, while commerce and cloud services revenue increased by 47% to 243.8 crore.
The business’s GMV, or Gross Merchandise Value, for Q2 FY 2022 was 1,95,600 crore, up 107 percent year over year, and the growing trend continued in October 2021, with GMV of 83,200 crore, up 131 percent year over year, according to the company.
Paytm has investors such as China’s Ant Group and Japan’s SoftBank Group Corp. It raised Rs 18,300 crore in India’s largest initial public offering (IPO) this month, but had a poor first week on the stock exchanges. Although the stock has recovered some of its losses, it is still down 17% from its IPO price of $2150.
Merchant payments, insurance and gold sales, movie and aircraft ticketing, and bank deposits and remittance are among the services provided by the Noida-based firm.
