It has been rightly said that “Many a little makes a mickle”. Paytm’s founder and CEO, Vijay Shekhar Sharma, has proved that with a strong vision and steadfast determination, an idea can be altered into reality, serving humanity in a huge way.
Expressing his pleasure, Sharma tweets,” Paytm was a business built from scratch with conviction on Digital India. From our first app release to becoming a verb in India to operating an EBITDA profitability milestone – all in 10 years! Super Proud of Paytm team”
Securing significant profit and a surge in its revenue of more than 41% YoY to INR 2,062 Cr in Q3 FY23, up from INR 1,456.1 Cr in Q3 FY22, Paytm has garnered global fame and has become India’s leading digital payments and financial services firm. The QR and mobile payments pioneer posted EBITDA before ESOP costs of ₹31 crores, depicting an improvement of ₹424 crores from a year ago.
Its loss narrowed for the first time in Q3 FY23 which is a silver lining for the fintech giant which has been tarnished by controversies since listing in the marketplace in 2021. Towards the end of Q3 FY23, more than 58 Lakh Paytm payments devices were deployed in India.
The news has taken the startup world by storm and the investor community has showered its love on Paytm’s whopping success with CRED Founder, Kunal Shah and Sequoia Capital India MD Rajan Anandan congratulating the company and its founder on social media. Alan Mamedi, the Co-Founder and CEO of Truecaller and noted YouTuber and investor Tanmay Bhat also praised Sharma.
Not to mention, Paytm’s profound profitability is encouraging youngsters all across India. The company’s total expenses surged nearly 8% to INR 2,522.3 Cr in the quarter ended December 2022, up from INR 2,317.4 Cr in Q3 FY22. Of these, employee expenses accounted for a big chunk of expenditure at around INR 945.6 Cr, while marketing expenses stood at INR 226 Cr.
Addressing his shareholders, Paytm’s Sharma confidently conveyed that the company will shortly attain its next milestone of becoming a free cash flow generating company.