Paytm has got customers by way of cashbacks, not by rendering services: Aditya Puri
The remarks come amid a steep decline in Paytm's shares, which are now trading 75% lower than the price at which investors bought them at the initial public offering business model, saying the recently listed nancial services company has earned customers not by rendering services but by way of cashbacks. Puri, who led HDFC Bank from inception and made it into the largest in the private sector space by the time he retired in 2020, further questioned Paytm's model, wondering where are the prots if the company manages so much of payments. The remarks come amid a steep decline in Paytm's shares, which are now trading 75 per cent lower than the price at which investors bought them at the initial public offering. This is not the rst time that Puri has gone public with his concerns on the models of such companies. "Paytm... he makes payments, when did he make prot, " Puri asked, speaking at an event organised by the IMC Chamber of Commerce at the University of Mumbai. A...