Fintech Firm Paytm’s Quarterly Loss Widens Almost 70% on Costs
- Company’s loss in April-June period widened to $81 million
- Paytm reiterates it will hit profitability by September 2023
Paytm, backed by Japan’s SoftBank Group Corp and China’s Ant Group Co., said it would touch operating profitability by the quarter ending September 2023 amid continued revenue growth.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Paytm, India’s leading digital payments brand, said its first-quarter loss widened by almost 70% on higher costs, and reiterated that the company is on track to hit operational profitability by September 2023.
The loss in the April-June period climbed to 6.44 billion rupees ($81 million) from 3.8 billion rupees a year earlier, the company said late on Friday. Revenue rose 89% to 16.8 billion rupees, while total costs jumped 85% to 24.2 billion rupees.