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It has been just over a year since India's mobile payments and Quick Response (QR) pioneer <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> made its debut on the stock market and the company has made quite an impression. The initial public offering (IPO), which was the largest in the country's history, drew attention from investors far and wide. Paytm's impressive growth has sparked the interest of savvy investors, both retail and institutional, who are clamouring to add more Paytm stock to their portfolios. As the fintech firm continues to make significant strides towards achieving operating profitability, investors' belief in the Paytm story and the company's long-term potential for success has grown stronger than ever. The company's latest shareholding pattern for the quarter that ended December shows that mutual funds increased their stake by 0.47 per cent to 1.73 per cent. Two new mutual funds entered the stock, taking the total mutual fund shareholders in Paytm from 19 to 21 in the December quarter. Meanwhile, more retail investors have also jumped on board, with their shareholding increasing by 3 per cent to 9.7 per cent. Over 70,000 new investors were added during the quarter, bringing the total number of retail shareholders to around 12 lakh. These developments are a clear indication that more Indians believe in Paytm's ability to deliver profitability without compromising on growth. The increase in domestic investors' shareholding is a vote of confidence in the company's future prospects. Global investment firm <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> expects Paytm to be adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) positive by the March quarter, two quarters ahead of the estimates and the company's guidance of September 2023. Goldman Sachs has reiterated its 'Buy' rating for Paytm and has upwardly revised its share price target to Rs 1,120. The firm has stated that the current share price continues to offer a compelling entry point into India's largest and one of the fastest-growing fintech platforms. The increase in shareholding by domestic investors is also a positive sign for the Indian economy, as it shows that more and more Indians are investing in the country's rapidly growing fintech sector. An increase in retail shareholding can bring a number of benefits for a company. One of the most significant benefits is increased liquidity, which can help to stabilise the stock price and improve overall market sentiment. Retail shareholders also tend to have a long-term investment horizon and may be more likely to hold on to their shares, making the company more attractive to investors. The overall <keyword id="44528" type="General" weightage="50" keywordseo="fdi" source="Orion">FDI</keyword> shareholding in Paytm has declined from 71.49 per cent to 66.12 per cent, mainly because of SoftBank offloading a 4.53 per cent stake. The Japanese conglomerate, through its <keyword id="4031888" type="General" weightage="50" keywordseo="vision-fund" source="Orion">Vision Fund</keyword>, continues to own 12.92 per cent of Paytm. Meanwhile, foreign portfolio investors (FPI) holding in the company has gone up by 0.91 per cent to 6.68 per cent. The number of FPIs holding the Paytm stock has increased from 88 to 128 in the third quarter, representing a net addition of 40 investors. As a pioneer in India's fintech revolution, Paytm has been at the forefront of the country's technology-driven shift towards a cashless economy. The <keyword id="13945656" type="General" weightage="50" keywordseo="paytm-super-app" source="Orion">Paytm Super App</keyword> has become a household name that is synonymous with convenience and ease of use. Paytm is expected to post another strong quarter when it announces Q3 (third quarter) results. Meanwhile, its Q3 operating performance update shows strong growth in monthly transacting users, loan disbursals and devices deployed. According to data available, eight out of 12 analysts tracking the company have a 'buy' rating. Paytm is also included in Goldman Sachs' Asia (ex-Japan) 'Conviction List' of stocks that have a high potential for returns and are rated as 'buy'. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-series-to-launch-soon-launch-date-expected-price-and-features/articleshow/97243146.cms">Samsung Galaxy S23 series to launch soon – launch date, expected price and features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/b20-has-important-role-to-play-can-be-value-adding-for-world-says-n-chandrasekaran/articleshow/97244919.cms">B20 has important role to play; can be value adding for world, says N Chandrasekaran</a>

Mutual funds increase their stake in Paytm

Mumbai, <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> is keen to become a <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">small finance bank</keyword> after having completed five years of operations, Managing Director <keyword id="1336488" type="General" weightage="50" keywordseo="rishi-gupta" source="Orion">Rishi Gupta</keyword> said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after <keyword id="6385180" type="General" weightage="20" keywordseo="airtel-payments-bank" source="Orion">Airtel Payments Bank</keyword>, <keyword id="3388668" type="General" weightage="20" keywordseo="india-post-payments-bank" source="Orion">India Post Payments Bank</keyword> and <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword>. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in this regard," Gupta told PTI. On why to stop at small finance bank, and not a full service bank, Gupta said, the company is too small to directly convert to a full service commercial bank from capital and capabilities perspectives. He said, till the upgrade happens, the bank will grow the business with a focus on tie-ups with fintechs under the Fino 2.0 initiative on building digital assets and strengthen the digital offerings. Already, it has tied up with the Sequoia Capital-backed Hubble to offer a spending account, offering customers better value on their lifestyle spends. People can park their funds, spend and save up to 10 per cent on all purchases made from the account. "We're looking at more such tie-ups in the fintech space," Gupta said, adding the company is also tying up with NBFCs from retail lending as payments partner and such loan remains on the book of the NBFC. "We've already tied up with two such shadow banks-Kredbee and Myshublaon," he said. In Q4FY23, its revenue rose 13 per cent to Rs 323 crore and net income jumped 25 per cent to Rs 22 crore with net margin rising to 6.8 per cent from 6.2 per cent. Its deposits grew 66 per cent to Rs 1,200 crore in FY23 from Rs 724 crore in FY22 of which 20 per cent are the low-cost Casa deposits. Gupta said the bank has been adding 2.5 lakh customers monthly on an average in FY24, taking the overall customer base to 71 lakh now. Another new service they began is offering recurring deposits, he said, adding the bank is also working on launching a virtual debit card. Also, under the pipeline is gold loans, mutual funds and medical insurance, Gupta said.

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Mutual funds increase their stake in Paytm

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Fino Payments Bank has its eyes set on becoming a small finance bank

PTI

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