Paytm said that its move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. The company claims that in recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player.
Meanwhile, founder Vijay Shekhar Sharma told shareholders that Paytm will refocus on delivering a “long-term, sustainable and profitable business model.” He stated that after resolving many of the challenges that they faced, they are now refocused on their path to deliver a long-term, sustainable and profitable business model.
He also highlighted that the last financial year was one of the most important learning experiences for the company. In January, the Reserve Bank of India (RBI) placed severe restrictions on Paytm Payments Bank citing ‘persistent non-compliance’.
Paytm last month reported a 35 per cent fall in its operational revenue for the quarter ended June at Rs 1,501 crore, down from Rs 2,341 crore a year back. The company’s net loss more than doubled to Rs 840 crore from around Rs 358 crore a year back.