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 […]
India’s Paytm secures third-party app license ahead of bank unit curb
The National Payments Corporation of India, the firm that built the eponymous UPI rail in the country, approved Paytm’s application to participate in the payments ecosystem as a third-party application provider, delivering much-needed relief to the financial services firm that serves more than 300 million users and over 10 million merchants in the South Asian […]
India’s central bank extends some Paytm Payments Bank restrictions deadline to March 15
India’s central bank extended the deadline for some of the business restrictions it’s imposing on Paytm’s Payments Bank to March 15 from February 29, giving the Indian financial services firm an additional 15 days to comply with the rules but squashing chances of any major concessions. The Reserve Bank of India said Friday that Paytm […]
Macquarie cuts Paytm target on ‘serious risk of exodus of customers’
Macquarie dramatically cut its 12-month price target on One97 Communications, the parent company of digital payments firm Paytm, citing risks of customers leaving the platform in the wake of heightened regulatory scrutiny. Macquarie, which famously predicted the slump at Paytm before the listing, lowered its target to 275 rupees (down 57.7% from its previous target of […]