Parent company of fintech giant Paytm, One97 Communications, on Friday reported that its consolidated loss had widened to Rs 840.1 crore for the quarter ended June 30, 2024 (Q1FY25).
The crisis for the fintech giant Paytm mounted as the markets regulator gave an administrative warning to the digital payments company for certain transactions with its banking unit in the fiscal year 2021-22.
Paytm Founder and CEO Vijay Shekhar Sharma has said the company was like his daughter who was a school topper and met with an accident on the way to an entrance test.
Online food delivery platform Zomato is in advanced discussions to buy Paytm's movie ticketing and events business, according to multiple reports.
"One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company,” the company said in a statement.
The Adani Group on Wednesday categorically denied a media report which claimed that the company is going to acquire a stake in digital payments company Paytm.
The crisis-ridden Paytm on Wednesday hinted at potential job cuts and plans to trim non-core assets following its first-ever decline in sales.
Fintech services major Paytm on Thursday refuted media reports claiming about invoking loan guarantees due to repayment defaults by the company's lending partners.
Data from the National Payments Corporation of India (NPCI) said it processed 1,117.13 million transactions in April, a 9 per cent month-on-month decline in volume from 1,230.04 million transactions handled in March.
Vijay Shekhar Sharma, Founder and CEO, Paytm, thanked Bhavesh Gupta for his contributions and his role in ensuring a smooth transition.
