We are overwhelmed and deeply humbled by the faith that our shareholders have shown in us. We are on a mission to bring half a billion Indians to the mainstream economy with the help of technology. It was our second AGM after we became listed, and our shareholders lauded Paytm’s presence all over the country with its pioneering work in India’s digital revolution. They manifested confidence in our products and business.
We had a landmark FY23! This was the year when we achieved Operating Profitability, innovated further to build pioneering products, and got a chance to display our technology under the G20’s Digital India, where leaders from various countries came and saw our technology.
Talking about our presence across the country, our shareholder Lokesh Gupta showed full confidence in our business model and said from Kerala to Kargil, to Guwahati, Paytm is everywhere. Whereas Santosh Kumar Saraf applauded our business model that has made Paytm visible everywhere. He also mentioned that our products are liked by all and everyone uses them. There is not a single person in India who doesn’t have the Paytm app.
Believing in Paytm’s growth, another shareholder Praveen Kumar mentioned that he has been with us since the IPO, and said that for him we are among the best 100 companies of the world. With our technologies, we have revolutionised the financial ecosystem of India, and now many are copying us, he added. “Combining Artificial Intelligence with business will be another milestone for Paytm. Your dedication to bringing growth to a retail investor like me is tremendous. You have presented us on the world map with your technology and innovation. During Covid times, you created so many jobs,” Kumar said.
Celebrating our achievements, Abhijeet Panda said that Paytm is a new-age company and a household name in India. We have pioneered digital payments from every nook and corner to kirana, to restaurants – we are accepted everywhere. Supporting our Prime Minister’s Digital India vision, we have invested heavily in digital infrastructure and also increased our loan disbursal, he mentioned.
Unwavering support was shown by the Paytm family at the AGM with Celestine Mascarenhas saying, “Paytm will become stronger and stronger each day, and going up in the ladder, adding Paytm should become bigger and higher than Infosys and TCS. This is the software for the next generation. We can see a great 25th Silver Jubilee.”
Ajay Kumar Jain appreciated our efforts in transforming India and being instrumental in its evolution to become a digital economy. Over 87 lakh devices deployed show how Paytm’s products are liked by everyone. The company uses the latest technologies, he added.
Overwhelmed by the enthusiastic participation of the shareholders, and their trust in Paytm and its business, our Founder, CEO & MD Vijay Shekhar Sharma thanked the Paytm family for their support and blessings. He expressed gratitude for the trust and confidence that our shareholders have placed in us. “We are proud of India. Global aspirations of the company are long-term, India is a primary opportunity,” he added.
He assured the shareholders that the next milestone would be to make Paytm a Free Cash Flow company. Champions of small merchants, the company believes small merchants once given access, will create true growth for our country, creating true inclusive growth. After the payment revolution through QR and Soundbox, our next contribution will be small credit, mobile payment, mobile credit, revolutionising finance, Vijay said.
Focusing on AGI, we will soon become a global superpower and Paytm will lead this. AGI software stack will create opportunities to lower costs, and make our financial system safer, he added. Concluding the AGM, he said that we are not just running a large company but a healthy, safe company.