Paytm Warns Of Job Cuts, Asset Sales Amid RBI Probe
NDTV
Paytm's net losses swelled several-fold to 5.5 billion rupees ($66.1 million) for the three months through March.
Paytm warned of job cuts and said it would trim non-core assets after reporting its first sales decline on record, reflecting fallout from a regulatory probe that curtailed much of the Indian fintech pioneer's business.
Once a role model for India's nascent startup economy, Paytm's net losses swelled several-fold to 5.5 billion rupees ($66.1 million) for the three months through March. The company known as One 97 Communications Ltd. reported a 2.6% slide in revenue to 22.7 billion rupees - the first drop since its 2021 stock-market debut. Its shares slid as much as 2%.
Paytm, founded by then-celebrated Indian entrepreneur Vijay Shekhar Sharma in 2010, is struggling to recover after a finance watchdog in January ordered a key banking affiliate to wind down. The restrictions dealt a blow to Paytm's reputation and prompted speculation that customers could defect to rivals such as Walmart Inc.'s PhonePe.
