India’s One 97 Communications Ltd, a parent of fintech company Paytm, on Friday reported a wide-ranging loss for the fourth quarter due to high costs associated with payment processing, marketing and employee benefits.
The company said in April it expected to make a profit by September 2023, although analysts expressed concern about its business model, and Macquarie Research said Paytm “has a lot of fingers in many pies”. it also reduced its price, by 57%, so far this year.The company, headquartered in Noida in the capital’s national capital, has also insisted it is “on track” to meet its profit-making goals.
Paytm, which competes with Google and Walmart PhonePe in India’s digital payments market, said revenue for the quarter reported an increase of 89% to 15.41 billion rupees.The company reported a loss of $ 7.63 billion ($ 97.97 billion) in the three months ended March 30, compared to a loss of $ 4.44 billion last year. %, driving costs increased by 78%.
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