Page 5 - One97 Communications

Paytm signs MoU with Goa for electricity, water, municipal tax payments

One97 Communications Limited, the owner of Paytm, on Thursday announced the signing of a memorandum of understanding with the Goa government to facilitate digital payments, a senior official said. Abhay Sharma, chief business officer, payments, Paytm, said the memorandum of understanding (MoU) was signed in the presence of Goa Chief Minister Pramod Sawant and the state finance secretary, V Candavelou. Sharma said Paytm will deploy its payment devices like Paytm QR code, soundbox and card machines in all departments, including panchayats and municipalities, where users can make payments for electricity, water, and municipal taxes. With this, users can make payments for various services through Paytm UPI, UPI Lite, Paytm wallet, netbanking, debit and credit cards, he added. Sharma said as India's leading tech innovators, the company has been at the forefront of driving the digital revolution in the country through the industry-first payment solutions. We are happy to sign this exclu

Paytm Q1: Value of loans disbursed increases 167%, GMV rises 37% YoY

Focus is on payment volumes that generate profitability, says fintech company

Paytm partners with Shriram Finance to strengthen its loan distribution biz

Now, Shriram Finance products will be available on Paytm's platform

Shriram Finance, Paytm come together to augment digital financial services

One97 Communications Ltd, owners of the brand Paytm, on Friday said it has partnered with retail non-banking finance company Shriram Finance Ltd to offer financial services to its users, including loan products. Through this joint venture, Shriram Finance products would be made available on the digital platform to further expand Paytm's business to credit services as well, and drive financial inclusion. With its technology-led lending, Paytm has strengthened the credit ecosystem by partnering with marquee financial institutions to digitally distribute loans. "India is witnessing high growth in retail credit demand. It is only likely to increase with greater participation from rural and semi-urban India. A lot of this demand will come from a digitally literate, young generation brought up in the mobile telephone proliferation era and those having comfort in making all their transactions through handheld devices," said Shriram Finance Ltd executive vice chairman Umesh ...

Shares of Paytm rally 6.2% following an upgrade by BofA Securities

Paytm has a cash balance of nearly Rs 8,270 crore, over 15 per cent of its market capitalisation

Paytm's loan disbursals more than doubled to Rs 9,618 crore in Apr and May

The total number of loans via Paytm was up 54% to 8.5 million during the period, as compared to 5.5 million last year

Paytm Payments gets RBI nod to re-appoint Vijay Shekhar as part-time chair

Paytm Payments Bank has received RBI nod to re-appoint Paytm CEO Vijay Shekhar Sharma as part-time chairman for a year, a regulatory filing said on Tuesday. "We have been informed that Paytm Payments Bank Ltd (PPBL) has received approval of RBI for re-appointment of Mr. Vijay Shekhar Sharma as Part-time Chairman of PPBL, for a third term starting from May 23, 2023, for a period of one year," One97 Communications said in a regulatory filing. One97 holds a 49 per cent stake in PPBL and Sharma holds the rest of the stake in the entity.

Paytm rallies 5% as Q4 loss narrows; Goldman Sachs sets Rs 1,150 target

The company reported a net loss of Rs 168 crore for Q4FY23 as against a net loss of Rs 763 crore in the year ago quarter.

Paytm's next target is profitability, says CEO Vijay Shekhar Sharma

The fintech giant, in its Q4 results for FY23, managed to narrow its losses to Rs 168 crore

As govt tightens regulations, fintech firms search for legal experts

Industry experts said fintech firms are looking for senior professionals adept at handling legal and compliance-related issues to support their operations

Paytm owner One 97 Communications completes share buyback worth Rs 850 cr

Digital financial services firm One97 Commuications, which operates under the Paytm brand, on Tuesday said it has completed buyback of shares worth Rs 849.83 crore at an average price of Rs 545.93 per share. The company bought back shares in the price range of Rs 702.65 to Rs 480.25 apiece, according to a regulatory filing. "The company bought back an aggregate of 1,55,66,746 equity shares utilising a total amount of Rs 849,83,39,982, which represents 99.98 per cent of the maximum buy-back size. The price at which equity shares were bough back was dependent on the price quoted on the stock exchanges," the company said. The Paytm board had approved buyback of shares worth Rs 850 crore on December 13, representing 6.67 per cent of the total paid-up share capital between December 21, 2022 to February 13. During the buyback period, Chinese e-commerce major Alibaba sold its entire direct stake in the company in two tranches. However, the company's group firm Ant Financial continues to

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Alibaba exits Paytm, sells remaining 3.3% stake for Rs 1,378 crore

Over 22.8 million shares worth Rs 3,000 crore change hands in 15 blocks

China's Alibaba Group sells its entire remaining 3.4% stake in Paytm

At the end of December, Alibaba had 6.26 per cent stake in the firm and it had sold around 3 per cent of it in January

Early breakeven positive for Paytm, stock surges 6%: Should you buy?

Experts have 'buy' rating with price targets between Rs 730 and Rs 1,150

Paytm expects to sustain performance, completes Rs 796 cr share buyback

Digital financial services firm One97 Communications, which operates under the Paytm brand, expects to sustain operational profit growth, company's founder and CEO Vijay Shekhar Sharma said on Monday. Paytm's EBITDA (earnings before interest, taxes, depreciation, and amortization), an indicator of operational profit, before ESOP cost margin improved to Rs 31 crore during the third quarter ended December 31, 2022. The company has calculated an incentive of Rs 130 crore from UPI transactions in three quarters but Sharma said that the incentive may technically make the fourth quarter a free cash flow positive quarter but Paytm will report as a one-time item. "UPI incentive will be one-off and we will explicitly call out as one-off. Rs 130 crore that we are quoting is for three quarters. The fourth quarter number will be topped on top of it. Because we are calling it one-time item, we are not calling it free cash flow generative. We would rather say free cash flow generative when we ar

Paytm's consolidated net loss narrows to Rs 392 crore in third quarter

Digital financial services firm One97 Communications on Friday said it has narrowed its consolidated net loss to Rs 392 crore in the third quarter ended December 2022. The company had posted a net loss of Rs 778.4 crore in the same period a year ago. Its revenue from operations jumped about 42 per cent to Rs 2,062.2 crore during the quarter from Rs 1,456.1 crore in the year-ago period. Paytm founder and CEO Vijay Shekhar Sharma said the company during the reported quarter has achieved its target for operational profit, excluding ESOP cost. "I wrote to you on April 6, 2022, and set a target for EBITDA before ESOP cost breakeven by the September 2023 quarter. "I am very happy to share that our company has achieved this milestone of EBITDA before ESOP cost profitability in the December 2022 quarter itself. This is three quarters ahead of our guidance," Sharma said. Shares of the company closed 3.83 per cent down at Rs 524.9 apiece on BSE. The financial result of the company came af

India's fallen tech darlings value buys for Franklin after $20 bn wipeout

Funds managed by Franklin Templeton bought at least 3.3 million shares of e-commerce logistics provider Delhivery Ltd. and more than 2 million shares of PB Fintech Ltd

Zero MDR a force-multiplier of economic growth: Paytm chief at BFSI summit

We will be known as (the) consumer technology builder of the world,' said Sharma at the Business Standard BFSI Insight Summit in Mumbai on Wednesday

Paytm board approves Rs 850-crore share buyback via open market

Company's directors and key management personnel will not sell any shares during the buyback period