Paytm founder and CEO Vijay Shekhar Sharma said on Sunday that human-level artificial intelligence will pave the way for new opportunities and improve the efficiency of current businesses. In a note to shareholders following the fourth quarter results, he argued that Paytm would be at the forefront of the AI revolution.
Paytm founder Vijay Shekhar Sharma has high hopes for AI. (File)
{{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}}
Paytm’s CEO said:
He also compared artificial intelligence to smartphones. “I think AGI[artificial general intelligence]is like smartphones 10 years ago.”
Also Read: Biden, Harris Meet with CEO to Discuss Artificial Intelligence Risks
“Our next goal is to become free cash flow positive.”
In Paytm’s message to investors, Vijay Shekhar expressed his delight at the company’s EBDITA (before ESOP) profit. This is the company’s earnings after deducting interest, taxes, depreciation and amortization (EBITDA) and before accounting for employee stock ownership plan (ESOP) costs.
{{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}}
Paytm said its revenue for the fourth quarter of 2023 increased by 51% year-on-year to SEK 2,334, and for the full year it increased by 61% year-on-year to SEK 7,990. (Also read: Paytm’s Q4 earnings beat market expectations, ¥2,334 cr)
Paytm’s EBITDA before ESOP costs increased to INR 234 million in the fourth quarter, significantly higher than the fourth quarter figure of INR 368 million for the previous financial year.
Paytm’s CEO has outlined its next goal of achieving positive free cash flow, aiming to generate more cash from the business than it spends on investments.
“Paytm is at the forefront of the AI revolution”
Shekhar sought to assure shareholders that the company would embrace technology and be “at the forefront of the AI revolution.” He further said that Paytm is pleased with the opportunities India offers and is committed to building a world-class technology company in India.
{{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}}
The CEO of a fintech company said, “We firmly believe that the use of in-house built technology for risk management and control has become a significant competitive advantage, and we are making investments in this area a key focus.” We will continue as an area,” he added.
