Paytm Achieves a Milestone of More than 100 Million Transacting users By CIOTechOutlook Team

Paytm Achieves a Milestone of More than 100 Million Transacting users

CIOTechOutlook Team | Tuesday, 23 January 2024, 10:28 IST

Indian fintech firm Paytm crossed the 100 million active customer mark last quarter, the company said. The fintech company showed good profits in the October-December quarter of FY24. The company's revenue grew 38% year-on-year to ₹ 2,850.5 crore compared to ₹ 2,062.2 crore in the year-ago period.

Net loss was narrowed down to ₹221 crore from ₹392 crore reported in Q3 FY23. Notably, the firm has not posted a net profit since it went public in November 2021. Vijay Shekhar Sharma, founder, and CEO of the company called the achievement a ‘key milestone’ for the company, as per livemint.

“We also crossed our 100 million active customers in the last quarter. This is also a key milestone. We have been able to do it very prudently and our focus is on acquiring strictly monetizable incremental users as there are products like UPI Credit, and UPI autopay that are going through the roof and we believe that they will generate even high-quality customers on our platform and we will continue to acquire customers with that insight," said Vijay Shekhar Sharma during the Earnings Call for Q3FY24.

The payment and financial services company also wants to incorporate artificial intelligence into its day-to-day operations to increase efficiency.

Throwing light upon the areas where Paytm is working to bring AI services, Vijay Shekhar Sharma said, “Firstly, we have been able to see an accelerated deployment and code generation, QA, etc, that is in product and technology and we are working with various copilot technology companies. Secondly, it is also enabling us to create operating efficiencies, because, in many mundane tasks, we can remove humans and have machines to take care that can scale and create an adult-free system. So these two things are key AI-led initiatives."