Did you know the salary of Paytm chief Vijay Shekhar Sharma? The 44-year old technology entrepreneur and billionaire businessman’s total remuneration for FY 2021-22 was Rs 4 crore, which included a salary of Rs 3.714 crore, with perquisites worth Rs 28.7 lakh, Paytm’s annual report showed. During an earlier interaction with Reuters, Vijay Shekhar Sharma had said that his salary at the age of 27 years was Rs 10,000 a month. “Families of prospective brides would never call us back after finding out that I earn around Rs 10,000 a month. I had become an ineligible bachelor for my family,” he had told Reuters.
In other news, Sharma, in a recent letter to shareholders, said that the company was on track to achieve operating profitability (EBITDA before ESOP cost) by the quarter ending September 2023. Paytm is awaiting its June quarter results, next week. Paytm’s biggest business units – payments services to consumers and merchants – have witnessed growth. “As of March 2022, our merchant base has grown to 26.7 million, with deployed payment devices increasing to 2.9 million from 0.8 million in FY 2021, thus accelerating our subscription revenues,” Paytm said in the annual report.
Paytm witnessed a growth in GMV which doubled from Rs 4 Lakh crore in FY 2021 to Rs 8.5 Lakh crore for the full year FY 2022. “We have sharpened our focus on payments and distribution of lending products, and have prioritised these businesses in our resource allocation,” said Sharma in the letter. He also said that BNPL, which enables its partner financial institutions to issue credit to consumers, has become a ‘consumer favourite’. Paytm’s core business model is acquiring consumers and merchants for payment services and upselling them financial services.
Paytm reported a consolidated loss of Rs 2,396.4 crore in the fiscal year ended March 2022, as compared with Rs 1,701 crore the year before. Consolidated revenue increased by 65 per cent to Rs 5,264.3 crore from Rs 3,186.8 crore in fiscal 2021, the company informed stock exchanges earlier this year. Revenue from operations rose almost 78 per cent to Rs 4,974.2 crore.