Paytm’s loss widened even as revenue declined by 36% year-on-year as the once-poster star of Indian startup ecosystem continues to grapple with the Reserve Bank of India’s clampdown that significantly curtailed the payments bank business unit. The Noida-headquartered firm’s loss more than doubled to $ 100 million in the quarter ending June, it disclosed Friday. […]
Paytm counts costs of regulatory clampdown as losses swell
One 97 Communications, the parent company of India’s leading digital payments platform Paytm, widened its consolidated net loss to $ 66.1 million in the quarter ending March, compared to a loss of $ 20.11 million in the same quarter last year as it grappled with a regulatory clampdown. For the full fiscal year 2024, Paytm’s […]
Indian central bank’s clampdown wipes $2.1 billion off Paytm
Shares of Paytm fell another 20% Friday before hitting the lower circuit that temporarily halts trading as the Indian financial services firm reels from the clampdown by the central bank. Paytm fell to 487 Indian rupees, or $ 5.88 within minutes of the market opening, the lowest it has hit in 55 weeks. Paytm shares […]
Paytm to terminate business with Paytm Payments Bank after central bank’s clampdown
Paytm said Thursday that it will cease working with its associate Paytm Payments Bank and accelerate plans to partner with other banks, after India’s central bank barred Paytm Payments Bank from conducting nearly all of its business activities due to supervisory concerns. The Noida-based financial services firm said it expects its loan distribution, insurance distribution […]