Paytm competes with Google and Walmart Inc's PhonePe in India's digital-payments market, and all of these companies offer peer-to-peer payments on UPI. Black Friday Sale: Get Bundle Deals at 10 Cashback using this Paytm coupon code. The company said its gross merchandise value from transactions other than a state-backed peer-to-peer payments network, popularly called UPI, grew 52% in the quarter from a year earlier. Scratch and Win rewards worth up to Rs.1,000 on mobile prepaid recharge with this Paytm coupon code. "We find valuations rich and the path to profitability fraught with high execution risks in context." "Paytm faces stiff challenges in its customer acquisition engine, which would slow down its revenue growth in the core payments business," brokerage JM Financial said in a note to clients a day ahead of Paytm's earnings. The stock has recouped some of its initial losses but remains 17% below its issue price. Paytm, which counts China's Ant Group and Japan's SoftBank Group Corp among its backers, raised $2.5 billion in what was India's biggest IPO this month, but made a dismal debut on the stock exchanges last week. "We have maintained the growth momentum in our payments services business, expanded our financial services business aggressively and are on our way to pre-COVID volumes for Commerce and Cloud services," Paytm's management said in a statement. Revenue rose 49.7% to 11.35 billion rupees.
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