New Delhi: Paytm has announced that it does not need funding in the near future due to its confidence of acquiring sustainable free cash flow.
“We don’t see the need for funding in the near future. We have zero debt, and we are very healthy from a balance sheet standpoint ,” Madhur Deora Paytm Executive Director, President and Group Chief Financial Officer said.
Deora is sure that the company is on the path towards becoming free cash flow (FCF) with over Rs 8,300 crore of cash balance.
The previous fiscal year proved to be a substantial one when Paytm was able to achieve its operating profitability target nine months in advance. The company’s revenue operations saw an increase of 61 per cent year-on-year to Rs 7,990 crore in fiscal year 2022-23. In FY22, its revenue from operations was Rs 4,974.
Praising India’s prowess, Paytm founder and CEO Vijay Shekhar Sharma said, “When Paytm grows, India grows.” He believes that a small merchant given access to correct technology and financial services can create the true growth engine of India. “It is where jobs are to be created and we create inclusive growth in our country,” he added.
India’s advancement in digital payments was showcased to the leaders that arrived globally during G20’s Digital India Experience Zone.
Sharma, in a bid to make the Indian financial system safer and secure, said that Paytm’s Artificial General Intelligence (AGI) software stack will “create opportunities to lower costs, spread farther and make our financial system safer and secure.”
Paytm President and Chief Operating Officer Bhavesh Gupta, declared that plastic money will soon be fading away, giving way to mobile payments as the main source of money transfer.