NEW DELHI - Indian digital payments giant One97 Communications, known for its popular brand Paytm, has reported a substantial increase in revenue and a reduction in losses for the third quarter ending December. The company's revenue surged to Rs 2,850 crore, marking a significant 38% growth year-over-year. Alongside the revenue growth, Paytm also managed to narrow its losses, which decreased to Rs 221 crore from the previous year.
The revenue boost was largely driven by the performance of Paytm's payment business, which saw its revenue climb to Rs 1,730 crore. This increase was attributed to higher Gross Merchandise Value (GMV) and a rise in device subscription fees. Additionally, the company's financial services segment also showed impressive growth, with revenue reaching Rs 607 crore.
Moreover, Paytm reported a notable uptick in its lending business, with the total loans disbursed during the quarter amounting to Rs 15,535 crore. This represents a 63% jump compared to the same period last year, indicating a strong demand for the company's loan products.
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