Paytm's June-quarter net loss widens despite strong revenue growth

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One97 Communications, the parent company of Paytm, on Friday reported a loss of Rs 645 crore for Q1 FY2023, as expenses thwarted revenue growth.

Its commerce and cloud services business performed well, as did lending, which the company has been focused on growing.

"We have redoubled our focus on driving profitable payments business, across UPI, wallet, cards, and other instruments," the company said.

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Author / Journalist: Aparajita Saxena ( )

Category: StartupsEconomy

Topics: Crore Friday June Reported Expenses Revenue Loss Paytm Quarter Growth Company

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-08-05, 15:48:18

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Reading Time: 2 minutes read

Article Length: 344 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 115389

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