Paytm’s parent company, One97 Communications Limited, has filed its annual report for 2022-23 and Ceo Vijay Shekhar Sharma has written a letter to shareholders. Sharma highlighted Paytm’s next contribution to India’s digital revolution, which is small mobile credit with high credit quality and compliance with regulatory guidelines. This endeavor requires sophisticated AI capabilities, and Sharma expressed pride in Paytm’s advanced AI system, which helps financial institutions identify risks and fraud while protecting them from new AI-related risks.

Sharma also mentioned that Paytm is investing in building an Artificial General Intelligence software stack, aiming to create something that can be leveraged outside of India. He noted that Paytm pioneered mobile payments in India and led mass adoption through innovations like QR Codes and Soundbox. Sharma emphasized the company’s role in the government’s agenda to drive Digital India and the regulator’s encouragement to build an open scalable payment system.

In terms of financial performance, Paytm reported a 61% increase in revenue from operations for FY23, amounting to INR 7,990 crore. The company achieved operating profitability in Q3 FY23, ahead of the projected guidance. This success can be attributed to revenue growth from platform expansion and monetization, improved profitability in the payments business, increased contribution from high-growth, high-margin businesses such as loan distribution, and disciplined cost management.

Sources:
– Annual report of One97 Communications Limited
– CEO Vijay Shekhar Sharma’s letter to shareholders
– Paytm’s financial report for FY23

Please note that the original source article was not provided.

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