New Delhi [India], November 29 (ANI): Research firm Macquarie recently released a report on Jio's entry into financial services, where it said that it could be a threat to Bajaj Finance and Paytm. The report was picked up by sections of media to highlight only Paytm. The Australian research firm has said in a mail to its clients that the report had been misinterpreted.
Following this report, there has been a lot of buzz about Paytm and a reported comparison with Jio Financial Services in the fintech world.
In the email sent recently, Macquarie's analyst Suresh Ganapathy said, "Never thought our JIO report will attract so much widespread attention...Our attempt was to highlight how JIO in financial services space could be a formidable player but somehow the message was interpreted in a different light by the media...Never mind..."
In fact, in a media interview about the Jio report, Ganpathy said that Paytm's growth in financial services has been a surprise.
Fintech giant Paytm has seen a meteoric rise as a payments and financial services platform and continues to grow from strength to strength.
Paytm has revolutionised credit access in the country and has empowered millions of its users with convenient and easy loans, in partnership with top financial institutions. The company's loan distribution business continues to scale with disbursements through its platform now at an annualised run rate of Rs 37,000 crore ($4.8 billion) in the month of October 2022.
Driven by sourcing and collection of revenues in its loan distribution business, Paytm's revenue in the financial services and others business in the second quarter of fiscal 2022-23 (Q2FY23) was Rs 349 crore, up 293 per cent year-on-year (increased 29 per cent quarter-on-quarter), and now accounts for 18 per cent of total revenue, against 8 per cent in Q2FY22. (ANI)