India: Paytm, Zomato feel the heat with wider quarterly losses

Photo: Zomato

Two of India’s hottest startups, fintech firm Paytm and food delivery provider Zomato, have reported wider losses in their quarterly earnings.

One 97 Communications Ltd, the parent company of Paytm, reported a higher fourth-quarter loss on Friday due to higher payment processing, marketing and employee costs. However, its shares jumped 8% as CFO Madhur Deora said the company is on track to break even at the EBITDA level by September 2023.

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