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NEW DELHI: One 97 Communications, which runs fintech major Paytm, has reported narrowing of consolidated net losses to Rs 291.7 crore in the September quarter compared to net losses of Rs 571.5 crore in the year ago quarter.
Revenue from operations increased to Rs 2,518.6 crore during the quarter from Rs 1,914 crore posted in the year ago quarter, recording a rise of nearly 32%. The growth in revenue was helped by increase in GMV (gross merchandise value), merchant subscription revenues and growth of loans distributed through the platform. “For Q2FY2024, we continued our momentum…despite some of the revenues getting pushed to Q3. In this financial year, online sales for the festive season will be captured in Q3, whereas in the previous financial year, it was largely in Q2,” the company said in a statement on Friday.
With more people taking to mobile payments, Paytm’s average monthly transacting users during the quarter grew by 19% y-o-y to 9.5 crore. “With 33% y-o-y growth in Paytm app GMV and 32% y-o-y growth in Paytm app transaction volume, consumer engagement on the Paytm app continues to remain strong,” the firm said. tnn
Revenue from operations increased to Rs 2,518.6 crore during the quarter from Rs 1,914 crore posted in the year ago quarter, recording a rise of nearly 32%. The growth in revenue was helped by increase in GMV (gross merchandise value), merchant subscription revenues and growth of loans distributed through the platform. “For Q2FY2024, we continued our momentum…despite some of the revenues getting pushed to Q3. In this financial year, online sales for the festive season will be captured in Q3, whereas in the previous financial year, it was largely in Q2,” the company said in a statement on Friday.
With more people taking to mobile payments, Paytm’s average monthly transacting users during the quarter grew by 19% y-o-y to 9.5 crore. “With 33% y-o-y growth in Paytm app GMV and 32% y-o-y growth in Paytm app transaction volume, consumer engagement on the Paytm app continues to remain strong,” the firm said. tnn
