New Delhi, 22 July (Hindustan Times). Fintech company One97 Communications, which operates the digital payments platform Paytm brand, expects to reach free cash flow by the end of this year. Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma said this on Saturday.
During a discussion on the company’s results, Vijay Shekhar Sharma said that the company’s growth during the first quarter (April-June) of FY 2023-24 has been driven by expansion in payments, financial services and commerce business. We remain committed to being free cash flow positive by the end of the year. Paytm Payments Bank Ltd. Regarding the Reserve Bank of India’s ban on adding new customers by PPBL, he said that it has given a compliance report to the banking regulator, it is being reviewed. Sharma said that the approval from RBI has taken more time than expected, but it is expected to come soon.
It is noteworthy that digital payment platform Paytm had said in a statement released a day ago that its loss has come down to Rs 358.4 crore in the first quarter of the current financial year 2023-24, which ended on June 30. The company had incurred a loss of Rs 645.4 crore in the same period a year ago.
