One97 Communications, parent of Paytm, posted a net profit of Rs 928.3 crore for the quarter ending September 2024. The profit was bolstered by the sale of its entertainment ticketing business to Zomato. The company’s revenue from operations dropped 34.1 percent year on year. However, the revenue for payments and financial services showed sequential growth.
The company is leveraging diversified revenue streams, process automation, and cost efficiencies to solidify its market leadership and maintain profitability, according to its annual report for 2024.
The business, which will be operated by its subsidiary PB Financial Account Aggregator, will assist Paisabazaar access the financial data of customers to help it make informed decisions.
Fintech major PhonePe on Monday said it is committed to transparency and accountability while showcasing its approach to delivering innovative financial solutions for the Indian market.
PhonePe has reduced customer support staff by 60% in five years, leveraging AI-driven chatbots to resolve over 90% of issues, amidst a 40-fold transaction increase. Despite challenges like the zero MDR law and the COVID-19 pandemic, this automation helped PhonePe achieve profitability.
One97 Communications, which runs Paytm, is set to see increased revenue growth in the second quarter of 2024. However, its losses are likely to widen to Rs 660 crore. Despite this, losses should decrease from the previous quarter due to growth in payment services to merchants and financial services.
Maldives President Mohamed Muizzu has established a consortium to introduce India’s Unified Payments Interface (UPI) in the Maldives, aiming to enhance financial inclusion, transaction efficiency, and digital infrastructure. This initiative follows recommendations from the Cabinet and agreements made during External Affairs Minister S. Jaishankar’s visit to the country.
India’s digital payment landscape has witnessed a significant innovation with the launch of UPI Switch, a middleware solution streamlining UPI transactions. Here’s a detailed FAQ explainer on what UPI Switch is, what purpose it solves, its benefits for businesses, and more.
FFH is committing up to Rs 252 crore more and will have a controlling stake, subject to regulatory nods, the statement said.
The Mumbai-based VC firm had initially invested Rs 9.7 crore in M2P Fintech through its debut fund. That investment grew to Rs 115.9 crore, delivering an internal rate of return (IRR) of 131%. According to the firm, the exit generated 1.27 times the total corpus of Fund I on a pre-tax basis while using only …
8i Ventures exits M2P Fintech with 12 times return Read More »
