| |MAY 20249PAYTM ACCOUNTS 25 PERCENT RISE IN REVENUE AT C 9,978 CRORE IN 2023-24One 97 Communications, which owns and operates the well-known fintech firm Paytm, accounted a 25% increase in revenue during the recently concluded fiscal year 2023-2024, totaling Rs 9,978 crore. The organization attributed the development to GMV development, gadget augmentations, and development in the financial services distribution business. Since its Initial public offering, when the organization opened up to the world, it for the main entire year EBITDA before ESOP benefit of 559 crore, its income results delivered Wednesday showed. Paytm, on the other hand, reported revenue of . 2,267 crore in the January-March quarter, a modest decrease of three percent year-over-year."In Q4 FY 2024, we had lower marketing spends, as we paused most of the user growth spending in the month of February and March. We expect to reinvest in these areas in the coming financial year," Paytm informed stock exchanges. "While we experienced a financial impact in Q4 due to the above disruptions, the full financial impact will be seen in Q1 FY 2025." Paytm says it is sure of seeing significant improvement beginning from Q2 2024-25, in light of restarting specific stopped items and accomplishing consistent development in working measurements. In Q1 of the ongoing financial, its emphasis will be on getting new merchants, reactivation of idle traders, and redeployment of gadgets from latent vendors to new merchants. "While there will be a smaller net addition of device merchants in Q1 FY 2025, we expect net additions to improve from thereon and recover to past trendlines by Q3 FY 2025." Income from financial services and others up 30 percent to 2,004 crore; worth of credits disseminated was up 48 percent to 52,390 crore. India's digital economy is developing at a 2.8 percent annual rate and is predicted to reach $1 trillion by 2027-28, as per Rajeev Chandrasekhar, Minister of State for Electronics and IT. HE has also stated that the IndiaAI mission's worth will be quadrupled to Rs 20,000 crore from 10,000 crore.The government previously planned India to reach the $1 trillion level by 2026-27, but the objective has been pushed back by a year due to a variety of factors, including the Covid-19 pandemic, he said. "Digital economy is growing at the rate of 2.8 percent because of the vision of Prime Minister Narendra Modi. His vision laid down in 2015 has played out well. We are already the fastest growing digital economy of the world. We are aiming to be $1 trillion digital economy by 2027-28," Chandrasekhar said.The minister stated that the prime minister has already approved a seed fund of Rs 1 lakh crore, which would be invested in research and development for fuel innovation and India's AI mission, totaling 20,000 crore.The cabinet has allocated only roughly 10,000 crore for India AI mission, while the minister stated that the entire worth is about 20,000 crore "including some other factors that cannot be disclosed at the moment".The minister stated that the main request of the IT industry is for the momentum of development to continue. INFOCUSINDIA TO ACHIEVE USD 1 TRILLION DIGITAL ECONOMY BY FY28: IT MINISTER
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