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More room for players in fintech space: Paytm CEO Vijay Shekhar Sharma

Comments come after Jio Financial Services' entry into lending space

Vijay Shekhar Sharma, Founder, Chairman & CEO - One97 Communications (Paytm), BFSI Summit

Vijay Shekhar Sharma, Founder, Chairman & CEO - One97 Communications (Paytm)

Ajinkya Kawale Mumbai

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The Indian financial technology ecosystem has room to accommodate many large players as the country's market is largely underserved, said Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma during an analyst call.

Sharma was responding to a question on Reliance Jio's entry into the lending business. "We believe that the country's opportunity is so underserved…many big players, from distribution to book ownership to large institutes, have (an opportunity)," said Sharma.

He added that the industry requires more people who will be able to serve small customers in the country. "There will be an opportunity for everyone to coexist and expand. The best part is there is no winner takes all," he noted.

Paytm, the only listed payments fintech in India, in its first quarter results, announced that its revenue from operations jumped 39 per cent year-on-year (YoY) to Rs 2,342 crore.

The company's revenue from payments rose 31 per cent YoY to Rs 1,414 crore, whereas its revenue from financial services recorded a 93 per cent YoY surge to Rs 522 crore.

The company trimmed its losses to Rs 358.4 crore. It had posted a loss of Rs 645.4 crore in the previous year.

"Driven by an increase in merchant subscription revenue, jump in GMV, and growth in loan disbursements, the company's strong growth momentum continues," said Paytm.

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First Published: Jul 23 2023 | 8:05 PM IST

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