India`s Paytm focused on reaching financial milestone `in near future` - CEO
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Indian digital payments firm Paytm aims to become "free cashflow positive in the near future," chief executive Vijay Shekhar Sharma said in a letter to shareholders on Sunday.
"This has been possible by disciplined resource allocation and focusing on what has become our core revenue and growth driver - payments and financial services distribution business," he said.
Positive free cash flow is when a company has sufficient funds to invest back into the business for growth.
Paytm reported a 51.5% rise in fourth-quarter revenue on Friday, aided by a surge in loan growth, and posted an operating profit for a second consecutive quarter.
Paytm's parent, One 97 Communications Ltd (PAYT.NS), said revenue rose to 23.35 billion rupees ($285.80 million) in the three-months ending March 31, from 15.41 billion rupees a year earlier.
The advent of early-stage artificial general intelligence (AGI) in 2023 will help bring efficiencies in the business, Sharma said.
"Our technology teams have started to see very encouraging results already," he said. "I see AGI as something like smartphones 10 years back - very ripe for innovation and very potent to become part of everyday life at scale."
