Paytm says quarterly revenue rises 39% as loan demand soars

Indian digital payments firm Paytm reported a 39 per cent rise in quarterly revenue, helped by soaring demand for loans.

One 97 Communications Ltd, parent of India’s no. 2 digital payments app by market share, reported late Friday that revenue rose 39 per cent year-on-year to Rs 2,342 crore ($285.68 million) in the three-months ending June 30, from Rs 1,688 crore in the year-earlier period.

It reported an operating profit for a third straight quarter, despite a rise in employee-related expenses and a lack of government incentives. Operating profit came in at Rs 84 crore, compared with an operating loss of Rs 275 crore, while the net loss narrowed to Rs 357 crore.