Capitaline

Hot Pursuit 22-Aug-23

Paytm's AI investment plans drive stock gains, aims payment tech leadership

One 97 Communications (Paytm) rose 2.80% to Rs 861.35 after the company said that Paytm is investing in AI with an eye on building Artificial General Intelligence software stack.

In its letter to shareholders, Paytm highlighted its aims to leverage India's tech capabilities and create technology that can be utilized globally. Paytm said it played a pioneering role in mobile payments, driving mass adoption with QR codes and Soundbox. The company envisions a future with 500 million payment consumers and 100 million merchants, while also expanding into areas like health and retail. Paytm aims to be a leader in payment technology and believes in extending financial services like loans and insurance to benefit 500 million Indians. The company is focused on building advanced AI capabilities to manage risks and frauds, while complying with regulatory guidelines. Paytm's partnership with PayPay Japan and the possibilities of the Open Network of Digital Commerce (ONDC) initiative add to its growth prospects. The company said it remains committed to serving India and building a profitable business.

Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce.

The company reported reported a consolidated net loss of Rs 357 crore in Q1 FY24 as against a net loss of Rs 644.40 crore in Q1 FY23. Revenue from operations jumped 39.4% YoY to Rs 2,341.60 crore in Q1 FY24. Paytm's lending business witnessed a 148% year on year growth in disbursement to Rs 5,194 crore ($632 million) in the month of July 2023. For the month of July 2023, the number of loans disbursed jumped 46% year on year to 43 lakh.

Previous News

Volumes spurt at One 97 Communications Ltd counter
( Hot Pursuit - 08-Jun-23 11:00 )

One 97 Communications to expand third-party bank partnerships
( Corporate News - 01-Feb-24 10:08 )

Paytm Founder and CEO Vijay Shekhar Sharma hikes stake
( Corporate News - 07-Aug-23 09:29 )

Paytm partners with Piramal Finance
( Corporate News - 10-Aug-22 09:50 )

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( Hot Pursuit - 07-Aug-23 10:40 )

One 97 Communications partners with Axis Bank
( Corporate News - 17-Feb-24 11:11 )

One97 Communications to declare Quarterly Result
( Corporate News - 06-Jan-24 11:21 )

Paytm reports good operating performance
( Hot Pursuit - 10-Oct-22 09:34 )

One 97 Communications reports consolidated net loss of Rs 168.40 crore in the March 2023 quarter
( Results - Announcements 06-May-23 07:34 )

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( Hot Pursuit - 07-Jun-24 12:00 )

Paytm hits the floor after RBI places restrictions on Paytm Payments Bank
( Hot Pursuit - 01-Feb-24 10:07 )