Paytm’s subsidiary Paytm Cloud Technologies has received approval from its board of directors to set up three new subsidiaries in the UAE, Saudi Arabia and Singapore.
The move comes as the fintech giant seeks to expand and monetize technology-enabled payments and financial services in international markets.
Another subsidiary of Paytm, Mobquest Mobile Technologies, plans to sell its entire 100% stake in its wholly owned subsidiary, Xceed IT Solutions.
Fintech major Paytm
The company, led by Vijay Shekhar Sharma, aims to scale and monetize technology-enabled payments and financial services in international markets, and through its division Paytm Cloud Technologies, has three companies in the UAE, Saudi Arabia and Singapore. The company plans to establish two new subsidiaries.
In an exchange filing today (January 20), the company said the board of directors of its wholly-owned subsidiary Paytm Cloud Technologies Limited (PCTL) has approved the formation of three new companies. After incorporation, these businesses will become subsidiaries of Paytm.
“We believe that our technology-driven merchant payments and financial services distribution business model in India has the potential to scale in similar international markets. We are developing a portfolio of software, service stacks that can be deployed and monetized internationally,” Paytm said.
The listed fintech giant said it is exploring various options in these overseas markets, including inorganic expansion, local licenses, strategic investments and partnerships.
The wholly owned subsidiary will be set up within six months with an initial investment of up to 20 Cr in each of these business units in one or more tranches.
Meanwhile, another subsidiary of Paytm, Mobquest Mobile Technologies, received approval from its board of directors. Sell all 100% shares of wholly owned subsidiary Exceed IT Solutions.
These shares will be acquired by Xceed IT’s existing directors Vineet Nanang and Sabina Kamal for Rs 60,728 in cash.
Mobquest Mobile Technologies operates in the information technology (IT) field and provides computer programming, consulting, and related services.
Paytm We were able to reduce our consolidated net loss by 6% to Rs 2,085 billion. In the third quarter of financial year 2024-25 (Q3 FY25), it increased from Rs 221.7 Cr in the same period last year.
The company reported the following: Net profit for September quarter was Rs 930 crore of subsequent fiscal years.
Operating revenue for the quarter decreased by 36% to Rs 1,827.8 from Rs 2,850.5 in the year-ago period. However, quarter-on-quarter, it increased by 10% from INR 1,659.5.
