BUSINESS

Paytm Revenues Jumps 64% in Q2 Result

One 97 Communications Ltd, Paytm, has said its revenue from operations grew 64 per cent YOY to Rs 1,090 crore for the quarter ended September 2021, driven by 52 per cent growth in non-UPI payment volumes (GMV) and more than robust growth in financial services and other revenue. Paytm, reporting its earnings publicly for the first time since listing this month, said a consolidated net loss of Rs 474 crore, compared with Rs 437 crore in the same period a year earlier.

“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. Revenue from payments and financial services grew 69 per cent to Rs 842.6 crore, while commerce and cloud services revenue grew by 47 per cent to Rs 243.8 crore.

“We are well funded with pro forma cash, cash equivalent and investable balance of Rs 11,000 crore ( Rs 2900 crore as of September 2021 and Rs 81 crore of net IPO proceeds) and have a large cushion of ungranted ESOPs,” the company said.

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