October 21, 2023
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Paytm Q2 Loss narrows to Rs 291.7 crore; revenue jumps 32% YoY
One 97 Communications, the the parent firm of Paytm on Friday said that its consolidated quarterly loss fell 49% from a year earlier to Rs 291.7 crore, for the quarter ending September 30. It had reported a loss of Rs 571.5 crore, for the same period, last year.
Revenue growth continues: The Noida-headquartered financial services company said its operational revenues grew roughly 32% on a yearly basis to Rs 2,518.6 crore for the September quarter. According to the company, its revenue growth is led by increase in gross transaction value (GTV) on the platform, merchant subscription revenues, and growth of loans distributed through our platform.
Key metrics: In the second quarter of FY24, One 97 saw payment revenues grow to Rs 1,524 crore, a 7% quarterly growth sequentially. It also saw growth in subscription revenues from merchants which opt for its Soundbox device and other value added services. As of September 2023, merchant subscriptions were at 92 Lakh, increasing by 44 Lakh YoY and 14 Lakh QoQ.
Financial distribution model: One 97 which makes revenues from distribution of loans to both merchants and consumers saw revenue from financial services stand at Rs 571 crore in Q2 of 2024. In Q2 FY 24, the value of loans distributed through the platform stood at Rs 16,211 crore.
With a renewed push to grab market share in the offline merchant payment space, Paytm is aggressively pitching to retailers, often offering them discounted rates on terminals and attractive cashback schemes
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