Tech
Paytm eyes insurance, wealth foray after maiden core profit
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After reporting its maiden quarterly profit, Paytm is now planning to expand into insurance and other wealth solutions, founder and chief executive Vijay Shekhar Sharma wrote in a note to shareholders on Wednesday.
The digital payments company reported a net profit—its first from core operations—of Rs 123 crore for the April-June quarter, swinging from a loss of Rs 840 crore as it reduced costs and expanded its payments and merchant lending businesses. Operating revenue rose 28% year-on-year (YoY) to Rs 1,918 crore, led by an 18% growth in payment…
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