Paytm does not see the need for funding in the near future and is confident of attaining sustainable free cash flow, the company's chief financial officer said Tuesday.
“We don't see the need for funding in the near future. We have zero debt, and we are very healthy from a balance sheet standpoint," Paytm Executive Director, President and Group Chief Financial Officer Madhur Deora said.
With Rs 8,300 crore of cash balance, the company is confident of becoming sustainably FCF (free cash flow), he added.
Previous fiscal proved to be a landmark year for the fintech giant, as it achieved operating profitability nine months ahead of its target. Its revenue from operations rose by 61% year-on-year to Rs 7,990 crore in FY2022-23 against Rs 4,974 crore in FY22.
Speaking at the company's 23rd Annual General Meeting (AGM), Paytm founder and Chief Executive Officer Vijay Shekhar Sharma linked the company's growth to India's prowess.
“When Paytm grows, India grows. We are the champions for small merchants in the country. We believe a small merchant once given access to correct technology and financial services creates the true growth engine of India. It is where jobs are to be created and we create inclusive growth in our country," Sharma said.
Notably, Paytm displayed its technology to leaders from other countries at G20's Digital India Experience Zone to showcase the country's prowess in digital payments.
Sharma said Paytm's Artificial General Intelligence (AGI) software stack will create opportunities to lower costs, spread farther and make the Indian financial system safer and secure. "We will soon become a global superpower and Paytm will lead this. AGI software stack will create opportunities to lower costs, spread farther and make our financial system safer and secure.”
Incidentally, Sharma in July had flagged concerns of superintelligence AI leading to human extinction, citing an OpenAI blog.
Paytm President and Chief Operating Officer Bhavesh Gupta said that any form of plastic money will eventually fade away and mobile payments will rule the future.
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