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Fintech firm Paytm plans to invest in artificial intelligence to build artificial general intelligence software. Company founder and CEO Vijay Shekhar Sharma said this in the latest annual report. Amid this news, Paytm’s share price rose 3% on Tuesday, the second trading day of the week. During trading, the share price reached Rs 861.65. Its market cap is Rs. 54,100 crore has been crossed.
What is the plan of Paytm
Paytm’s Vijay Shekhar Sharma said the company is committed to capitalizing on the opportunity in India, serving the market and making the business profitable in the long term. Sharma said that the target of 500 million payment users and 100 million merchants in India is not far in the future.
In fact, he wrote to shareholders in the latest annual report of Paytm’s parent company One97 Communications. Sharma said in the letter that Paytm is investing in AI to build artificial general intelligence software technology. Advances in artificial intelligence will help companies avoid risks and detect fraud.
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June quarter results
Let it be known that Paytm’s loss has reduced to Rs 358.4 crore in the April-June quarter. In the year-ago quarter, the company posted Rs. 645.4 crores was reported as a loss. According to the company, its loss narrowed in the first quarter of FY 2023-24 due to an increase in operating income. During the quarter, the company’s operating income increased by 39.4 percent to Rs. 2,341.6 crores. Its operating income in the same quarter a year ago was Rs. 1,679.6 crores.