in shares a 97 communication Ltd., its parent company, fell to 4.6% on Monday after the fintech company’s net loss for the second quarter widened due to increased spending.

At 10:15 am, Paytm shares were trading 0.1% higher at Rs 1,782.95.

in his
first earnings report Since going public earlier this month, the company said expenses rose 37.1% to Rs 1,599 crore compared to a year ago and consolidated net loss widened to Rs 474 crore from Rs 437 crore a year ago. However, its revenue from operations grew 63.6% to Rs 1,086 crore for the quarter ended September.

“Some of the line items in our payments business are not only going to be profit-generating, but free cash flow,” Founding CEO Vijay Shekhar Sharma said in an earnings call for investors on Saturday.

Paytm, which counts China’s Ant Group and Japan’s SoftBank Group among its backers,
raised $2.5 billion India’s biggest initial public offering this month, but made
a disappointing start on stock exchanges. While the stock has made up for some losses during its debut, it is still down about 21% from its IPO price of Rs 2,150.

Read also:
Behind Paytm’s disappointing IPO and its constant valuation catchup

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Kolkata-based Bansidhar Bhatia, who bought Paytm shares at the issue price, said, “As the price rises, I am looking to sell the shares. “I don’t see long-term value in the stock and it’s worth a lot compared to the company’s business model.”

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