Our Annual Report for FY24 is here — a year of significant learnings for us here at Paytm, yet staying true to our brand values of resilience, courage and humility.
In a letter to shareholders, our Founder and CEO Vijay Shekhar Sharma emphasised that after overcoming obstacles, we are now again refocused on our path to deliver a long-term, sustainable and profitable business model and continue our journey towards creating shareholder value.
“There are times when actions speak louder than words and results speak louder than plans. After resolving many of the challenges that we faced, we are now refocused on our path to deliver a long-term, sustainable and profitable business model. Our resilient and committed team will deliver on our commitment to building for India. The focus on financial inclusion and digitising the informal economy will bring long-term benefits to both the company and the country,” Sharma said.
Driving Paytm towards free cash-flow
He said that Paytm remains centered on its core business of payments and is striving to become a long-term free cash-generating company. “For me personally, this year has been centered on our core business, instilling a compliance-first approach in every team member, and striving to become a long-term free cash-generating company,” he noted.
We have reported a 25% jump in operational revenue to Rs 9,978 crore in FY24, and posted a 27% jump in revenues from payments and financial services to Rs 8,132 crore.
Advancing with AI
Reiterating Paytm’s commitment towards equipping merchants and consumers with the latest innovations, Sharma highlighted that artificial intelligence will be as pivotal for India’s progress as the smartphone revolution.
“I believe that AI will be as instrumental in advancing India as the mobile/smartphone revolution has been. Your company has always been a technology first company and will not only leverage AI-led cost savings but also build AI-first products that can help small merchants and micro-businesses harness the power of technology previously available only to large enterprises,” he noted.
Building for India, a privilege
Our consistent efforts towards pioneering new payment innovations for merchants and consumers in the country, highlight our strong dedication towards nation building. Sharma added that this opportunity of serving our nation is a privilege and purpose of Paytm.
He concluded, “Helping and serving our nation is a privilege we do not take for granted. The entire Paytm team remains committed to delivering fully compliant, fully made-in-India innovations that bring millions of Indians the advantages of the formal financial system.”
