Paytm parent's quarterly loss widens to Rs 763 crore amid higher expenses

One97 Communication, the parent company of Paytm reported a loss of Rs. 780 in March quarter

India's One 97 Communications Ltd , the parent of fintech firm Paytm, on Friday reported a wider fourth-quarter loss due to higher expenses related to payment processing, marketing and employee benefits.

The company had said in April it expected to be operationally profitable by September 2023, though analysts have raised concerns over its business model, with Macquarie Research saying Paytm "has too many fingers in too many pies".

A regulatory audit at its payments bank has also pummeled its share price, down 57% so far this year.

The company, headquartered in Noida in the national capital region, reiterated it was "well on track"