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PAYTM - One 97

📊 NSE: PAYTM 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 10:42

📢 Recent Corporate Announcements

Paytm Board Meeting on May 06, 2026, to Approve Q4 and FY26 Audited Financial Results

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 28 Apr 2026, 06:07 PM

One 97 Communications (Paytm) has scheduled a Board of Directors meeting on May 06, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and fiscal year ended March 31, 2026. An earnings conference call is subsequently scheduled for May 07, 2026, at 8:00 AM IST to discuss these results with the analyst community. The trading window for insiders and designated persons will remain closed until May 08, 2026. This is a routine but critical disclosure for shareholders to track the company's year-end performance.

Board meeting scheduled for May 06, 2026, to approve Q4 and FY26 audited results.
Earnings conference call set for May 07, 2026, from 08:00 AM to 08:45 AM IST.
Trading window for designated persons remains closed until May 08, 2026.
Results will cover both standalone and consolidated financial performance for the full fiscal year.

💡 Investors should monitor the financial results on May 06 and listen to the earnings call on May 07 for updates on profitability and growth guidance.

Paytm Associate PPBL to Undergo Voluntary Winding Up Following RBI License Cancellation

🔵 WATCH ⭐ 8/10

REGULATORY 📅 25 Apr 2026, 08:02 PM

One 97 Communications (Paytm) has announced the voluntary winding up of its associate, Paytm Payments Bank Limited (PPBL), following the RBI's cancellation of its banking license on April 24, 2026. The company stated that PPBL contributed 0% to its total turnover and net worth in the previous financial year, indicating no direct financial loss from the closure. Core operations including the Paytm app, UPI, and merchant devices like Soundbox continue to function independently without interruption. This move formally dissociates Paytm from the banking entity as per regulatory instructions.

RBI cancelled PPBL's banking license effective April 24, 2026, necessitating the winding-up process.
PPBL had a 0% contribution to Paytm's revenue and net worth during the last financial year.
Core services like Paytm QR, Soundbox, and UPI remain fully operational through other banking partners.
PPBL will cease to be an associate company of One 97 Communications once the winding-up is finalized.

💡 Investors should focus on Paytm's ability to maintain merchant and consumer growth through its new banking partnerships. While the financial impact is reported as nil, the completion of this regulatory chapter is a key milestone for the stock.

RBI Cancels Paytm Payments Bank License; One 97 Communications Reports No Financial Impact

🟡 NEUTRAL ⭐ 8/10

REGULATORY 📅 24 Apr 2026, 09:40 PM

The Reserve Bank of India (RBI) has cancelled the banking license of Paytm Payments Bank Limited (PPBL) effective April 24, 2026. One 97 Communications (Paytm) clarified that it has no material business arrangements with PPBL and all its core services, including UPI, QR, and Soundbox, remain fully operational. The company had already impaired its investment in PPBL as of March 31, 2024, meaning there is no fresh direct financial impact from this cancellation. Paytm continues to operate its app and financial services independently of the associate entity.

RBI cancelled PPBL's banking license effective from the close of business on April 24, 2026.
One 97 Communications had already fully impaired its investment in PPBL as of March 31, 2024.
The company confirms zero material business arrangements or partnerships with PPBL at present.
Core services including Paytm App, UPI, Gold, QR, Soundbox, and Payment Gateway remain fully operational.
PPBL operates as an independent entity with no board or management involvement from One 97 Communications.

💡 Investors should recognize that the financial loss was previously recognized in 2024, making this a procedural finality rather than a new financial hit. Monitor the company's ability to maintain user trust and grow its non-banking financial services.

Paytm Approves ₹90 Cr Default Loss Guarantee and ₹197 Cr Loan-to-Equity Conversion

🔵 WATCH ⭐ 7/10

OTHER 📅 16 Apr 2026, 09:18 PM

One 97 Communications (Paytm) has approved a Default Loss Guarantee (DLG) of up to ₹90 crore for loans disbursed through its partner, Piramal Finance, to support its credit distribution business. Separately, the company is converting a ₹197 crore outstanding loan into equity in its subsidiary, First Games Technology Private Limited (FGTPL), increasing its stake to 82.6%. Since FGTPL's gaming business was discontinued in 2025 and the investment was already fully impaired, the conversion has no fresh financial impact. These steps indicate a focus on strengthening lending partnerships while cleaning up the balance sheets of non-operational subsidiaries.

Approved Default Loss Guarantee (DLG) of up to ₹90 crore for lending partner Piramal Finance Limited.
Converting ₹197 crore outstanding loan and interest into 19.67 crore equity shares of FGTPL.
Paytm's total shareholding in FGTPL will increase from 55% to 82.6% post-conversion.
FGTPL discontinued its real money gaming business in August 2025 following regulatory changes.
The DLG will be backed by Bank Guarantees or Fixed Deposits as per standard fintech lending models.

💡 Investors should monitor the credit quality of the loans distributed under the new ₹90 crore DLG framework, as this represents a potential financial liability. The FGTPL equity conversion is a procedural cleanup of a failed venture and does not impact the company's current cash position.

Paytm Converts ₹197 Cr Loan to Equity in FGTPL; Approves ₹90 Cr DLG for Piramal Finance

🟡 NEUTRAL ⭐ 7/10

M&A 📅 16 Apr 2026, 09:07 PM

One 97 Communications (Paytm) has approved the conversion of an outstanding loan of ₹197 crore into equity shares of its step-down subsidiary, First Games Technology Private Limited (FGTPL). This conversion increases Paytm's stake in FGTPL from 55% to 82.6%, though the investment was previously fully impaired following the shutdown of FGTPL's gaming business in 2025. Additionally, the company has approved a Default Loss Guarantee (DLG) of up to ₹90 crore for loans disbursed by its partner, Piramal Finance. These moves reflect a balance sheet cleanup of discontinued operations and a continued commitment to the loan distribution business model.

Conversion of ₹197 crore loan and interest into 19.67 crore equity shares of FGTPL at ₹10 each.
Paytm's aggregate stake in FGTPL increases from 55% to 82.6% on a fully diluted basis.
FGTPL's revenue declined significantly from ₹320.58 crore in FY23 to ₹90.82 crore in FY25 before business discontinuation.
Approval of a ₹90 crore Default Loss Guarantee (DLG) to support loan distribution via Piramal Finance.
The loan conversion has no fresh financial impact as the investment was already fully impaired in previous periods.

💡 Investors should view the loan conversion as a formal accounting closure for a discontinued business segment with no new cash impact. Monitor the performance of the loan distribution segment as the ₹90 crore DLG represents a defined credit risk exposure for the company.

Paytm Becomes Indian Owned and Controlled Company with 50.3% Domestic Stake

🟢 POSITIVE ⭐ 8/10

REGULATORY 📅 15 Apr 2026, 03:07 PM

One 97 Communications (Paytm) has officially transitioned to an Indian Owned and Controlled Company (IOCC) as of Q4 FY26. Domestic investors now hold a majority stake of 50.3% in the company, crossing the critical 50% threshold. Domestic Institutional Investors (DIIs) significantly increased their stake to 23.1%, up from 14.0% in the previous year. This shift is supported by 41 mutual funds holding a 16.6% stake and insurance companies increasing their share to 5.1%.

Domestic investors hold 50.3% of equity share capital in Q4 FY26
DII ownership increased to 23.1% from 14.0% in Q4 FY25
Mutual fund holdings rose to 16.6% from 14.3% in the preceding quarter
Insurance companies' stake reached 5.1% in Q4 FY26

💡 The IOCC status is a strategic milestone that could simplify regulatory clearances from the RBI and other bodies. Investors should view the rising domestic institutional interest as a sign of stabilizing sentiment.

Paytm Expands to Indonesia; Incorporates New Subsidiary with INR 8.15 Crore Investment

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 10 Apr 2026, 11:17 PM

One 97 Communications (Paytm) has successfully incorporated a wholly owned step-down subsidiary in Indonesia named PT PAYTM INDONESIA TEKNOLOGI. The investment was executed through its subsidiaries, Paytm Cloud Technologies Limited and Paytm Singapore Pte. Ltd. The company subscribed to 15,00,000 equity shares at IDR 10,000 each, totaling IDR 15 billion. This investment, approximately INR 8.15 Crores, marks a strategic move to establish a presence in the Indonesian market.

Incorporated wholly owned step-down subsidiary 'PT PAYTM INDONESIA TEKNOLOGI' on April 10, 2026.
Subscribed to 15,00,000 equity shares at a face value of IDR 10,000 per share.
Total investment amount of IDR 15 billion, which is approximately INR 8.15 Crores.
The expansion follows a prior disclosure made on December 22, 2025, regarding international growth plans.

💡 Investors should monitor how Paytm leverages this Indonesian entity to diversify its revenue streams outside India. While the current investment is small, it indicates a long-term intent for international technological expansion.

Paytm Files SEBI Regulation 74(5) Compliance Certificate for Quarter Ended March 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 04:14 PM

One 97 Communications Limited (Paytm) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended March 31, 2026, were processed within prescribed timelines. It verifies that security certificates were mutilated and cancelled after due verification and that the depositories' names were updated in the register of members. This is a standard administrative filing ensuring the integrity of the company's shareholding records.

Compliance certificate submitted for the quarter ended March 31, 2026.
Confirmation received from RTA MUFG Intime India Private Limited (formerly Link Intime India).
Verification that security certificates for dematerialization were mutilated and cancelled as per SEBI norms.
Confirmation that the name of depositories has been substituted in the register of members within timelines.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming financial results for fundamental performance indicators.

Paytm Allots 63,995 Equity Shares Under Employee Stock Option Schemes

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Apr 2026, 09:55 PM

One 97 Communications (Paytm) has approved the allotment of 63,995 equity shares to employees following the exercise of vested stock options. The allotment consists of 63,812 shares under the ESOP 2019 scheme and 183 shares under the ESOP 2008 scheme. The shares were issued at an exercise price of ₹9 per share, including a premium of ₹8. This routine administrative action results in a negligible dilution of the existing share capital.

Total of 63,995 equity shares of face value ₹1 each allotted to eligible employees.
Exercise price for the allotment was fixed at ₹9 per share.
Paid-up equity share capital increased from ₹64,00,45,681 to ₹64,01,09,676.
The allotment includes 63,812 shares under ESOP 2019 and 183 shares under ESOP 2008.

💡 This is a routine corporate action with minimal impact on the company's valuation or share price. No specific action is required from investors based on this announcement.

Paytm Subsidiary FGTPL Receives ₹142 Crore Loan Waiver from AGTech Media

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 27 Mar 2026, 10:49 PM

AGTech Media Holdings has waived an outstanding loan of approximately ₹142 crore, including accrued interest, owed by Paytm's step-down subsidiary, First Games Technology Private Limited (FGTPL). This development follows the discontinuation of FGTPL's real money gaming business due to regulatory changes in India. Paytm management clarified that the company had already fully impaired its investment and loans to this subsidiary in earlier periods. Consequently, this waiver has no adverse financial impact on Paytm's consolidated financial statements.

AGTech Media Holdings waived an outstanding loan of ~₹142 crore for Paytm's subsidiary FGTPL.
The waiver covers unsecured External Commercial Borrowings (ECBs) and all accrued interest.
FGTPL ceased its real money gaming operations following recent regulatory shifts in the sector.
Paytm had previously fully impaired its investment, resulting in zero financial impact from this move.
AGTech remains a 45% shareholder in the step-down subsidiary FGTPL.

💡 This is a balance sheet cleanup of a non-core, discontinued entity and has no impact on Paytm's current cash flows or profitability. No immediate action is required as the financial impact was already accounted for in previous impairments.

Paytm to Close Trading Window from April 01, 2026, for Q4 and FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 05:48 PM

One 97 Communications Limited (Paytm) has announced the closure of its trading window for designated persons and their relatives starting April 01, 2026. This move is a mandatory compliance requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is in anticipation of the company's financial results for the quarter and full financial year ending March 31, 2026. The trading window will remain shut until 48 hours after the results are officially declared to the stock exchanges.

Trading window closure effective from April 01, 2026, for all designated persons.
Closure is related to the financial results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the announcement of the financial results.
Compliance is maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should focus on the upcoming earnings release to evaluate the company's financial performance.

Paytm: NPCI Revises RuPay Credit Card UPI Fees; Management Sees Immaterial Financial Impact

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 11 Mar 2026, 09:14 AM

NPCI has announced a revision in TPAP and Payer PSP fees for RuPay Credit Card transactions on UPI, effective April 1, 2026. The fees for the Non-Industry category will decrease from 8 basis points to 6 basis points, while the Industry category will drop from 4 to 3 basis points. Paytm has clarified that this change only affects consumer-side app revenue and does not impact merchant-side revenue (MDR), which is their primary revenue driver. The company maintains that its overall payment processing margin remains healthy at over 4 basis points.

TPAP fee for Non-Industry RuPay CC on UPI transactions reduced from 8 bps to 6 bps.
TPAP fee for Industry category reduced from 4 bps to 3 bps effective April 1, 2026.
No impact on Merchant Discount Rate (MDR) or merchant acquiring revenue, which is Paytm's core focus.
Overall payment processing margin remains comfortably above 4 basis points.
Small offline merchant transactions (<= INR 2,000), EMI, and AutoPay are excluded from these fee revisions.

💡 Investors should view this as a minor regulatory adjustment with limited impact on Paytm's bottom line given their focus on merchant-side monetization. Continue to monitor the growth of high-margin products like RuPay CC on UPI and EMI volumes.

Paytm Allots 2.17 Lakh Equity Shares Under ESOP Schemes

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Mar 2026, 11:36 AM

One 97 Communications (Paytm) has approved the allotment of 2,17,265 equity shares to employees following the exercise of vested stock options. The allotment consists of 2,17,207 shares under the ESOP 2019 scheme and 58 shares under the ESOP 2008 scheme. As a result, the company's total paid-up equity share capital has increased from 63,98,28,416 to 64,00,45,681 shares. The exercise price for these shares was fixed at ₹9 per share, including a premium of ₹8.

Allotment of 2,17,265 equity shares of face value ₹1 each to eligible employees.
Total paid-up share capital increased to ₹64,00,45,681 consisting of over 64 crore shares.
Exercise price for the allotted shares was ₹9 per share, representing a significant discount to market price.
The allotment includes 2,17,207 shares under ESOP 2019 and 58 shares under ESOP 2008.
New shares will rank pari-passu with existing equity shares of the company.

💡 This is a routine administrative matter involving minor equity dilution; investors should continue to monitor the company's path to profitability and regulatory environment.

Paytm Completes 49% Stake Sale in UAE Subsidiary to Abbar Global

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Feb 2026, 04:44 PM

One 97 Communications (Paytm) has finalized the allotment of 76,862 equity shares in its subsidiary, Paytm Arab Payments L.L.C. (PAPL), to Abbar Global Opportunities Holdings Limited. Following this transaction, Abbar Global now holds a 49% stake in the UAE-based entity, while Paytm's subsidiary PCTL retains a 51% majority. The shares were issued at a face value of AED 100 each, formalizing a strategic partnership in the UAE market. PAPL will continue to be a step-down subsidiary of Paytm, allowing the company to leverage local expertise for international growth.

Allotment of 76,862 equity shares to Abbar Global Opportunities Holdings Limited completed on February 13, 2026.
Abbar Global now owns 49% of the post-issue paid-up share capital of Paytm Arab Payments L.L.C. (PAPL).
Paytm's subsidiary PCTL retains 51% ownership, maintaining PAPL as a step-down subsidiary.
The shares were issued at a face value of AED 100 per share at par.
This move concludes the partnership agreement originally announced on December 22, 2025.

💡 Investors should monitor the scaling of Paytm's UAE operations as this partnership provides a capital-efficient route for international expansion. The retention of a 51% stake ensures Paytm continues to consolidate the subsidiary's performance while benefiting from local strategic backing.

Paytm Subsidiary Secures 3-Year IRDAI Insurance Broking License Renewal

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 10 Feb 2026, 02:49 PM

Paytm's wholly-owned subsidiary, Paytm Insurance Broking Private Limited (PIBPL), has received a renewal of its IRDAI insurance broking license. The license is valid for a three-year term from February 17, 2026, to February 16, 2029, under the Direct (Life & General Insurance Broker) category. This renewal ensures the uninterrupted continuation of PIBPL's operations, which are consolidated line-by-line with One 97 Communications Limited. The approval signifies regulatory compliance and stability for Paytm's insurance distribution business.

IRDAI renewed the insurance broking license for 100% subsidiary PIBPL
The license is valid for 3 years from February 17, 2026, to February 16, 2029
Covers both Life and General Insurance categories as a Direct Broker
Ensures uninterrupted contribution to Paytm's consolidated financial statements

💡 The renewal is a positive sign of regulatory compliance and ensures business continuity for a key revenue-generating vertical. Investors should maintain a positive outlook on the company's ability to navigate regulatory requirements.

View All PAYTM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue for FY 2025 was INR 6,900 Cr, a 31% YoY decrease from INR 9,978 Cr. Segment performance: Payment Services revenue was INR 4,039 Cr (down 35% YoY), Distribution of Financial Services was INR 1,703 Cr (down 15% YoY), and Marketing Services was INR 1,158 Cr (down 33% YoY). However, Q2 FY 2026 showed recovery with total revenue of INR 2,061 Cr, up 24% YoY.

Geographic Revenue Split

Not specifically disclosed in available documents, though the company focuses on the Indian market with a mission to serve half a billion Indians.

Profitability Margins

Contribution Margin remained resilient at 53.3% in FY 2025 despite a 33.6% drop in absolute Contribution Profit to INR 3,678 Cr. Net Profit Margin improved from (14.3%) in FY 2024 to (9.6%) in FY 2025, largely due to exceptional gains from asset sales. Operating Profit Margin stood at (31.6%) for FY 2025.

EBITDA Margin

EBITDA (before ESOP) margin was (10.0%) for FY 2025, a significant drop from 5.6% in FY 2024. However, the company achieved a milestone of profitability in Q1 FY 2026 with an EBITDA of INR 72 Cr, following a sequential recovery from an INR (792) Cr EBITDA loss in Q1 FY 2025.

Capital Expenditure

Not disclosed as a single absolute figure, but the company noted reduced capital expenditure and lower depreciation due to a strategy of refurbishing and redeploying existing merchant devices (Soundboxes/POS).

Credit Rating & Borrowing

Debt-Equity Ratio is very low at 0.01 as of FY 2025. The company maintains a strong cash balance following the sale of non-core assets (Movies/PayPay SAR) for over INR 2,000 Cr each.

⚙️ Operational Drivers

Raw Materials

Payment Processing Charges (PPC) represent the primary direct cost, accounting for INR 3,222 Cr in FY 2025 (approx. 46.7% of total revenue). Other costs include Promotional Cashback & Incentives (INR 50 Cr in Q2 FY 2026) and Connectivity/Content fees.

Import Sources

Not applicable as a digital services provider; however, technology infrastructure and compute costs for AI are sourced globally.

Key Suppliers

Key partners include major Indian banks for the multi-bank TPAP model and lending partners for credit distribution. Specific technology vendors are not named.

Capacity Expansion

The company focuses on expanding its merchant network and device base. Active devices are being expanded through refurbishment. GMV reached INR 18.9 Lakh Cr in FY 2025.

Raw Material Costs

Direct expenses (Payment Processing Charges) decreased 27% YoY to INR 3,222 Cr in FY 2025, aligned with the revenue decline. PPC as a percentage of GMV stood at 0.11% in Q2 FY 2026.

Manufacturing Efficiency

Efficiency is driven by the 'device refurbishment and redeployment' strategy, which allows for expansion of the active device base with lower capital outlay.

Logistics & Distribution

Deployment and collection costs are included in direct expenses to calculate contribution profit; these costs are being optimized through device refurbishment.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Growth will be achieved through a payment-led approach to acquire customers, then cross-selling high-margin financial services like Merchant Loans and Personal Loans. The company is also scaling its WealthTech segment via Paytm Money (MTF and Research Analyst services) and leveraging the multi-bank TPAP model to onboard new UPI users.

Products & Services

UPI payments, Soundbox, POS machines, Merchant Loans, Personal Loans, Paytm Postpaid (BNPL), Equity Broking, Mutual Fund distribution, and Marketing/Advertising services.

Brand Portfolio

Paytm, Paytm Money, Soundbox, Paytm Postpaid, One 97.

New Products/Services

Margin Trading Facility (MTF) and Research Analyst services in Paytm Money; AI-powered product enhancements for equity broking; and expanded SIP and gold distribution.

Market Expansion

Focus on scaling leadership in the MSME merchant segment and expanding the 'Paytm-operated' model in select international markets with attractive margins.

Market Share & Ranking

Paytm is a leader in the mobile QR payments revolution in India; UPI P2M market share is growing with improving economics.

Strategic Alliances

Partnerships with major banks for the TPAP model and a successful partnership model with PayPay in Japan.

🌍 External Factors

Industry Trends

The Indian fintech industry is evolving from a 5% share of BFSI revenue ($20B) to a projected 20% share ($200B) by 2030. Digital lending and WealthTech are expected to grow 6.6x, and Paytm is positioning itself as a distribution leader in these high-growth verticals.

Competitive Landscape

Competes with other UPI TPAPs and digital lenders. Market dynamics show UPI P2M growth in the 20% range, with Paytm gaining share through improved unit economics.

Competitive Moat

Moat is built on a massive merchant network (Soundbox/QR) and a 'payment-led' customer acquisition funnel. This network effect is sustainable because it creates high switching costs for merchants integrated into the Paytm ecosystem for both payments and credit.

Macro Economic Sensitivity

Sensitive to Indian macroeconomic conditions that affect consumer spending and credit demand. Digital lending is projected to grow 6.6x by 2030, providing a massive tailwind.

Consumer Behavior

Shift toward 'Pay Next Month' (Postpaid) and instant mobile credit; increasing adoption of SIPs and digital wealth products among retail investors.

Geopolitical Risks

Minimal direct exposure, though global macroeconomic shifts can affect the cost of capital and investment sentiment in the Indian fintech sector.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily influenced by RBI guidelines on digital lending (DLG vs. non-DLG models) and TPAP regulations. The disruption of PPBL (Paytm Payments Bank) by regulators was a major factor in FY 2025 revenue decline.

Environmental Compliance

Not disclosed in INR; company follows standard ESG practices for corporate entities.

Taxation Policy Impact

Not specifically detailed; company currently focuses on reaching consistent net profitability.

Legal Contingencies

Not disclosed in absolute INR values in the provided text, though the company maintains a dynamic risk management framework to handle compliance and operational risks.

⚠️ Risk Analysis

Key Uncertainties

Regulatory changes in the fintech and lending space (potential impact 20-30% on revenue segments); shift in partner lending models; and technical/algorithm errors in credit scoring.

Geographic Concentration Risk

High concentration in the Indian market (approx. 100% of current core revenue).

Third Party Dependencies

High dependency on banking partners for UPI transaction processing and on NBFC/Bank partners for loan capital (disbursements).

Technology Obsolescence Risk

Risk of rapid shifts in payment technology; mitigated by heavy investment in AI and multi-bank TPAP architecture.

Credit & Counterparty Risk

Credit risk is primarily borne by lending partners, but Paytm's distribution revenue is sensitive to the 'credit quality' and 'measured approach' of these partners.