Mumbai: Fintech company Paytm has said that it will not need funding in the near future as the firm has a cash balance of Rs 8,300 crore and it is confident of becoming sustainable due to the free cash flow, media reports said.
We dont see the need for funding in the near future. We have zero debt, and we are very healthy from a balance sheet standpoint, Madhur Deora, executive director, president and group chief financial officer told shareholders at the companys annual general meeting, reported Moneycontrol.
Company founder and CEO Vijay Shekhar Sharma said the launch of soundbox that automatically announces the payment made by the customers reflects the companys understanding of the needs of the merchants and consumers.
We are expanding our deployment each quarter, with more and more innovative payment devices, to bring technology for every small shop in India. We believe a small merchant once given access to correct technology and financial services creates the true growth engine of India. It is where jobs are to be created and we create inclusive growth in our country, Sharma added.
Further, the company is focusing and investing in Artificial Intelligence (AI) to increase efficiency and security to its payments platform. Artificial General Intelligence (AGI) software stack will create opportunities to lower costs, spread farther and make the companys financial system safer and secure, Sharma added at the AGM.
Bhavesh Gupta, president and chief operating officer, added that digital payments in India will witness a lot of incremental growth bringing the smallest to the biggest businesses under its fold and Paytm is focussing on that.
