More room for players in fintech space: Paytm CEO Vijay Shekhar Sharma
Vijay Shekhar Sharma, Founder, Chairman and CEO – One97 Communications (Paytm)
Paytm Founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma said during a call with an analyst that the Indian fintech ecosystem has room to accommodate several large players as the country’s market is largely underserved.
Sharma was responding to a question about Reliance Jio getting into the lending business. “We think the opportunity for the country is very limited… Many of the big players, from distribution to book ownership to large institutions, have (an opportunity),” Sharma said.
He added that the industry requires more people who will be able to serve the small customers in the country. He noted that “there will be an opportunity for everyone to coexist and expand. The best part is that there is no winner takes all.”
Paytm, India’s only listed payments financial company, announced in its first-quarter results that its revenue from operations jumped 39 percent year-on-year to Rs.2,342 crore.
The company’s revenue from payments increased by 31 per cent year-on-year to Rs. 1,414 crore, while its revenue from financial services recorded a rise of 93 per cent year-on-year to Rs. 522 crore.
The company trimmed its loss to Rs. 358.4 crore. It recorded a loss of Rs. 645.4 crore in the previous year.
“Driven by an increase in merchant subscription revenue, a jump in GMV, and growth in loan payments, the company’s strong growth momentum continues,” Paytm said.
First published: July 23, 2023 | 8:05 p.m ist