SoftBank-backed Paytm posts narrower loss after winning users

Paytm posted a narrower loss after winning more users, helped by a campaign to target customers such as small merchants.

The SoftBank Group Corp.-backed fintech company reported a net loss of 3.57 billion rupees ($43.6 million) for the quarter ended June 30, compared with 6.44 billion rupees a year earlier. Analysts had estimated a loss of 3.33 billion rupees. Revenue from operations rose 39% to 23.4 billion rupees.

The payment services provider is one of the biggest players in India’s emergent fintech industry, which is benefiting from the country’s growing mobile phone use and expanding middle class.