Paytm surpasses 100 million monthly transacting users for the first time in Q3 FY24

The Indian payments and financial services company, Paytm, crossed the 100 million active customers milestone in the previous quarter, the company said in a press release on Monday.

The fintech firm had reported healthy earnings in the October-December quarter of FY 24. The company’s revenue increased by 38% annually to ₹2,850.5 crore, compared to ₹2,062.2 crore in the year-ago period. Net loss was narrowed down to ₹221 crore from ₹392 crore reported in Q3 FY23. Notably, the firm has not posted a net profit since it went public in November 2021.

Vijay Shekhar Sharma, founder, and CEO of the company called the achievement a ‘key milestone’ for the company.

“We also crossed our 100 million active customers in the last quarter. This is also a key milestone. We have been able to do it very prudently and our focus is on acquiring strictly monetizable incremental users as there are products like UPI Credit, and UPI autopay that are going through the roof and we believe that they will generate even high-quality customers on our platform and we will continue to acquire customers with that insight,” said Vijay Shekhar Sharma during the Earnings Call for Q3FY24.

The payment and financial services company is also working to incorporate artificial intelligence in its daily operations to enhance efficiency.

Throwing light upon the areas where Paytm is working to bring AI services, Vijay Shekhar Sharma said, “Firstly, we have been able to see an accelerated deployment and code generation, QA, etc, that is in product and technology and we are working with various copilot technology companies. Secondly, it is also enabling us to create operating efficiencies, because, in many mundane tasks, we can remove humans and have machines to take care that can scale and create an adult-free system. So these two things are key AI-led initiatives.”