Paytm is in the buzz once again with its annual report. The company released its annual reports for the fiscal year 2021-22 earlier this week and the numbers are rather shocking. Despite the not so extensive IPO listing last year, the company’s numbers seem to be really crunching.
The most amazing figure coming out is the annual income of their Chief Executive Officer, Vijay Shekhar Sharma. Vijay’s remuneration was reportedly Rs. 4 Crore in the last fiscal year. According to Paytm’s yearly report, the 44-year-old tech innovator and business mogul received total compensation of Rs 4 crore for the fiscal year 2021-22, which comprised a wage of Rs 3.714 crore and extra perks totaling Rs 28.7 lakh. Vijay Shekhar Sharma stated that his pay when he was 27 years old was Rs. 10,000 per month in a previous conversation with the media agency Reuters.
“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 the Toronto based news organization.
In the meantime, the firm has been on schedule to attain operating profitability (EBITDA before ESOP cost) by the third quarter ending September 2023, according to a latest note to the investors and shareholders by Sharma. According to Sharma, the business will be functioning profitably by the q3 of 2023, which ends in September. He continued, saying that Paytm has increased its emphasis on payments and the marketing of financial solutions. In related developments, Paytm will announce its June quarterly numbers the following week. Payments solutions for people and enterprises, which are Paytm’s two largest business segments, have expanded. According to Paytm’s yearly report, “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.”
He further added, “We have sharpened our focus on payments and distribution of lending products, and have prioritized these businesses in our resource allocation.” The financial services provider issued first ever annual report as a publicly listed business for the fiscal year 2021–2022. According to the yearly report, Paytm’s GMV increased by a factor of two, rising from Rs 4 lakh crore in FY 2021 to Rs 8.5 lakh crore for the entire FY 2022. Sharma noted that Paytm’s primary business strategy is to attract customers and businesses for its online payments and then upsell them financial services using its distribution, collections, transactional, and behavioral data.