Paytm eyes insurance, wealth foray after maiden core profit

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After reporting its maiden quarterly profit, Paytm is now planning to expand into insurance and other wealth solutions, founder and chief executive Vijay Shekhar Sharma wrote in a note to shareholders on Wednesday.

The digital payments company reported a net profit—its first from core operations—of Rs 123 crore for the April-June quarter, swinging from a loss of Rs 840 crore as it reduced costs and expanded its payments and merchant lending businesses. Operating revenue rose 28% year-on-year (YoY) to Rs 1,918 crore, led by an 18% growth in payment…



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Paytm eyes insurance, wealth foray after maiden core profit



After reporting its maiden quarterly profit, Paytm is now planning to expand into insurance and other wealth solutions, founder and chief executive Vijay Shekhar Sharma wrote in a note to shareholders on Wednesday.

The digital payments company reported a net profit—its first from core operations—of Rs 123 crore for the April-June quarter, swinging from a loss of Rs 840 crore as it reduced costs and expanded its payments and merchant lending businesses. Operating revenue rose 28% year-on-year (YoY) to Rs 1,918 crore, led by an 18% growth in payment…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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