New Delhi [India], May 22 : One97 Communications, the parent company of Paytm, announced in its FY24 results on Wednesday that it plans to reward high-performing talent by promoting them to senior leadership roles.
The company also plans to welcome new senior executives who will drive the next wave of growth for the organisation.
The efforts by the company reflects its commitment to fostering internal talent and ensuring that its leadership team is well-equipped to navigate the company's growth trajectory and operational efficiency.
Emphasizing on the growing talent pool at Paytm, its founder and CEO Vijay Shekhar Sharma said, "I am proud of the talent we have in our company, the culture of resilience and entrepreneurship. We remain more committed than ever towards growth, profitability, and maintaining robust governance and compliance."
He added that the company is looking at 'significant cost efficiencies', underscoring the role of upcoming technologies such as artificial intelligence (AI) to bring further automation and speed to Paytm's operations.
In the past, Paytm has spoken about its focus on AI and investment towards building on its capabilities. By incorporating AI-driven solutions, the company has been able to automate various functions, reduce operational costs, and enhance overall productivity.
He further mentioned, "Our ongoing experiments and learnings in AI promise to revolutionise customer and merchant care for the financial industry, while also unlocking new avenues for revenue generation and cost savings. We anticipate tangible results from these initiatives in the coming quarters, further bolstering our competitive advantage in the market."
Sharma also said that the Noida-headquartered company is fully committed towards building its business "according to regulatory compliances and prudent operations risk policies."
In FY2024, Paytm posted a 25 per cent year-on-year increase in revenue from operations, totaling Rs 9,978 crore for the fiscal year ending March 2024, driven by Gross Merchandise Value (GMV) growth, robust device additions, and increased momentum in the financial services distribution business. The user engagement on the platform continues to grow with average Monthly Transacting Users (MTU) for Q4FY24 increasing by 7 per cent YoY to 9.6 crore, indicating the platform's expanding reach and popularity among consumers.
For the first time since its IPO, the company achieved full-year profitability, recording EBITDA before ESOP of Rs 559 crore.
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