Monday, March 27, 2023
Outlook India
Outlook Business

One97 Communications Limited

The agreement was signed in the presence of Saurabh Gaur, Secretary, Information Technology, Electronics and Communications, Government of Andhra Pradesh and Vijay Shekhar Sharma, Founder, Managing Director and CEO of Paytm

The Alibaba Group firm holds around 25 per cent stake in One97 Communications which operates under the Paytm brand

The company witnessed a 42 per cent increase in its revenue from operations to Rs 2,062.2 crore in the third quarter of FY23 compared to Rs 1,456.1 crore last year

The development follows Alibaba's stake sale in BigBasket and Zomato

The number of loans grew 117 per cent y-o-y (Year-on-Year) to 3.7 million for December and 137 per cent y-o-y to 10.5 million cumulative loans for the three months ended December 2022