Staff Reporter : Kolkata, 13th. September 2024.
During the company’s 24th AGM, Paytm’s leadership shared that with a compliance-first approach, the commitment is to build for India
Paytm, India’s leading payments and financial services distribution company and the pioneer of QR, Soundbox, and mobile payments, today held its 24th Annual General Meeting (AGM). The company’s leadership noted that their focus is on the core payments business and highlighted their commitment to delivering Profit After Tax (PAT) profitability, with a robust, scalable business.
Founder and CEO, Vijay Shekhar Sharma, addressed the shareholders and said, “With commitment to the core payments business, we aim to deliver PAT profitability soon.”
He further added that the company now has a compliance-first approach, rigorously adhering to all regulatory requirements. He also acknowledged the resilience of team Paytm over the past six months. “The past six months have taught us many lessons, giving us the opportunity to thoroughly examine our business processes, compliance and the way we operate from the inside out. 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,” he said.
Sharma further highlighted Paytm’s significant role in India’s digital payments revolution. Being the pioneers of QR code and Soundbox, Paytm has become synonymous with mobile payments in India. Prime Minister Narendra Modi recently highlighted these innovations for their significant impact on the nation’s financial landscape during his address at the Global Fintech Fest in Mumbai.
“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.”
Being leaders in fintech and with a commitment to build for India, Sharma said that the team is ready to replicate the same success in Artificial Intelligence. “Our team is already utilizing AI across all areas—technology, product, business, and operations. Some of these technologies are so advanced that they could potentially form entire businesses on their own. However, we remain focused on our core payments business and cross-selling financial services,” he said.
Currently serving approximately 40 million merchants, Paytm aims to reach 100 million across the country, including diverse merchants such as rickshaw drivers and plumbers. The company’s strategic initiatives include leveraging advanced technology to offer financial services like loans, insurance, and mutual funds, thus broadening its market reach and promoting financial inclusion. The company’s strategy includes cross-selling loans, insurance, and mutual funds through partnerships with major banks and NBFCs, further solidifying its position in the market.
During the AGM, President and Group CFO Madhur Deora told shareholders that the company remains committed to bringing half-a-billion Indians to the mainstream economy through technology led services. He further highlighted the company’s strong financial position, noting a robust balance sheet with a cash balance of Rs 8,500 Crore.
Paytm recently secured the Foreign Direct Investment (FDI) approval from the Government of India and will soon apply for a payment aggregator licence from the Reserve Bank of India (RBI). As Paytm continues to grow, its focus on core payments, scalable business models, and a strong compliance framework underpins its commitment to enhancing financial inclusion across India.
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