As losses increase for digital wallet company Paytm, regulatory crackdown is cited as a contributing factor.

Quick Summary:

One 97 Communications, the parent company of India’s leading digital payments platform Paytm, reported a widening of 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.

The Noida-headquartered company’s revenue from operations grew 25% year-on-year to $1.19 billion in FY24, though increased expenses across payment processing charges, marketing, employee benefits and software cloud costs weighed on its bottom line.

It’s only a matter of time before Microsoft renames its annual Build developer conference to Microsoft Copilot.

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Article Details

Author / Journalist: Manish Singh

Category: Technology

Markets: United StatesIndia

Topics: Paytm TC Reserve Bank of India Paytm Payments Bank

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-22 @ 04:17:37 (1 weeks ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 750 words

Reading Time: 5 minutes read

Sentences: 36 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 21055227

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