At its 24th Annual General Meeting (AGM), Paytm, India’s leading payments and financial services distribution company underscored its strategic focus on core payment solutions and its commitment to achieving profitability. This ambitious goal is set against the backdrop of the company’s enduring innovations in digital payments and financial services.
In his address to shareholders, Vijay Shekhar Sharma, Paytm’s Founder and CEO, emphasized the company’s resolute focus on profitability. “With commitment to the core payments business, we aim to deliver PAT profitability soon,” Sharma said.
He further highlighted the company’s adherence to a rigorous compliance-first approach. Over the past six months, Paytm has undertaken a comprehensive review of its business processes, compliance protocols, and operational practices. “The past six months have taught us many lessons,” Sharma noted. “I can now confidently assure that we have adopted a compliance-first approach, ensuring our business adheres to every regulation fully, both in letter and spirit.”
Prime Minister Narendra Modi recently lauded these innovations during his speech at the Global Fintech Fest in Mumbai, highlighting their profound impact on the nation’s financial landscape. “Today, India stands at a stage where the world is acknowledging its digital payments revolution,” Sharma said. “Our achievements, particularly in mobile payments, have been the subject of global discussions, underscoring our role in this transformation.” This recognition not only validates Paytm’s pioneering efforts but also positions the company as a leader in shaping the future of financial transactions.
Sharma revealed that the company is already integrating AI across various facets of its operations, from technology and product development to business strategies. “Some of these technologies are so advanced that they could potentially form entire businesses on their own,” Sharma remarked. Nevertheless, he emphasized that Paytm remains focused on its core payments business while leveraging AI to enhance financial services.
In a detailed update on the company’s financial health, Madhur Deora, President and Group CFO, assured shareholders of Paytm’s strong financial position. Deora highlighted the company’s robust balance sheet, with a notable cash reserve of Rs 8,500 Crore. He reiterated Paytm’s commitment to bringing half-a-billion Indians into the mainstream economy through technology-driven services.
