Paytm aims to lead the AI revolution in financial services, says CEO Vijay Shekhar Sharma
Paytm CEO Vijay Shekhar Sharma has promised shareholders that the fintech company will be at the forefront of the artificial intelligence (AI) revolution. In a note to investors following the Q4 results, Sharma compared AI to smartphones 10 years ago, stating that the technology will open up new opportunities and improve business efficiencies. He expressed his belief that human-level AI will emerge in 2023, creating more opportunities to bring efficiencies in business and AI-first offerings.
Sharma stated that Paytm is committed to embracing technology and building a world-class technology company in India. He expressed delight at the opportunities India provides, and he promised to continue investing in using in-house built technology for risk management and controls. Sharma highlighted that Paytm would focus on generating positive free cash flow, aiming to generate more cash from its operations than it spends on investments.
Paytm’s Q4 FY2023 revenue increased by 51% YoY to 2,334 crores, while full-year revenue grew by 61% YoY to 7,990 crores. Paytm’s EBITDA before ESOP costs rose to Rs 234 crore in Q4, a significant increase compared to the previous fiscal year’s Q4 figure of Rs 368 crore.
Sharma’s note to shareholders shows Paytm’s ambition to expand beyond traditional fintech offerings and become a leading player in AI-powered financial services. The company’s commitment to investing in technology and risk management controls demonstrates its focus on building a sustainable business model for the long term.