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Paytm revenue surges 89%💸 | SoftBank CEO pledges cost cuts✂️ | Green energy will be RIL crown jewel👑
Paytm at near 6-month high, SoftBank CEO pledges cost cuts after $23.4Bn loss, Green energy will be RIL crown jewel: Ambani, Funding Deals & more.
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Paytm at near 6-month high as quarterly revenue surges 89%📊
One 97 Communications, the parent company of Paytm has posted an 89 percent surge in its quarterly revenue. Paytm reported revenue of Rs 1,679.6 crore for the April-June period, as against Rs 890.8 crore for the corresponding period a year ago.
ICICI Securities had estimated Paytm's quarterly revenue at Rs 1,780.6 crore for the quarter ended June 2022.
Paytm's net loss, however, widened to Rs 644.4 crore for the three-month period, from a net loss of Rs 380.2 crore for the year-ago quarter, according to a regulatory filing.
According to Goldman Sachs, Paytm is firmly on the path to profitability. The brokerage expects the year ending March 2024 to be the first full year of adjusted EBITDA profitability.
SoftBank CEO pledges cost cuts after $23.4Bn loss✂️
SoftBank’s CEO Masayoshi Son plans widespread cost-cutting at his Japanese conglomerate and its Vision Fund investment arm after a record USD 23.4 billion loss on plunging portfolio valuations and foreign currency losses, Bloomberg News reported.
Son said he will review “everything” for potential cuts without “sacred cows.” SoftBank will scrutinize senior and junior employees in both front and back offices to an extent never experienced before.
“The loss is the biggest in our corporate history and we take it very seriously,” Son said during a press conference after the results. “We have to resort to big cost-cutting efforts at Vision Fund. The cost-cutting efforts will have to include a reduction in headcount - something I’ve made up my mind to do.”
Jodo, a fintech startup focused on education payments, has raised $15 million in a fresh funding round led by New York-based investment firm Tiger Global.
Singapore-based FMCG major Believe Pte has invested $8 million in beauty and skincare ecommerce startup Ohsogo, which caters to a curated assortment of international brands and authentic products.
Eyestem, a cell therapy company, has raised USD 6.4 million in Series A funding round led by Biological E, Alkem and NATCO.
Languify, a B2B SaaS startup, has raised USD 180,000 in a seed funding round led by Titan Capital, Smile Group, Goel family fund, Alsisar Impact and CIIE.
Green energy will be RIL crown jewel in 7 years: Mukesh Ambani👑
Reliance Industries Ltd chairman Mukesh Ambani said the conglomerate’s massive investments in green energy aim to replicate the swift success it achieved in the telecom industry and make India the most affordable destination for green energy globally within the decade.
“This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years," Ambani said in a statement to shareholders in its annual report for the year ended 31 March.
“Just as India has the world’s most affordable wireless broadband today, we will have the world’s most affordable green energy within this decade."
In clean energy, Reliance is working with companies, including Ambri in the US, Faradion in the UK and the Netherlands-based Lithium Werks, in the energy storage space.
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