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Paytm faces job cuts and asset trimming after sales decline due to regulatory probe, aiming for recovery.

Paytm reports wider net loss in Q4, but full-year loss narrows with surge in revenue and profitability.

One97 Communications Limited (OCL) the parent entity that owns brand Paytm, expects that transitioning its core payment business from Paytm Payments Bank Ltd to other banks will help it de-risk its business model and open up new opportunities for long term monetisation, said the company.

In the first four months of 2024, Paytms user base shrank by 24% to 80 million, while the count of its active devices dropped by about 1 million over February and March on account of attrition, according to its quarterly filings with the stock exchanges. User attrition happened as a result of regulatory action by the RBI, it said.

(Bloomberg) -- Paytm warned of job cuts and said it would trim non-core assets after reporting its first sales decline on record, reflecting fallout from a regulatory probe that curtailed much of the Indian fintech pioneer’s business.Most Read from BloombergOne Dead After Singapore Air Flight Hit By Severe Turbulence‘It Felt Like We Had Crashed’: Singapore Air Passenger Describes Turbulence TerrorThese Flight Routes Suffer the World’s Worst TurbulenceBarclays Managers Warn Some Staff to Prepare