Paytm CEO Vijay Shekhar Sharma big promise to shareholders on artificial intelligence; ‘like smartphones 10 years ago’
Paytm CEO Vijay Shekhar Sharma in a note to shareholders likened AI to smartphones 10 years ago. He made big promises to incorporate AI in the fintech company.
Paytm founder and CEO Vijay Shekhar Sharma expressed on Sunday that human-level artificial intelligence will open up new avenues of opportunity and improve efficiencies in current businesses. In a note to shareholders following the Q4 results, he claimed that Paytm will be at the forefront of the AI revolution.
“I believe that in 2023, with advent of early-stage AGI (Artificial General Intelligence), we will see more opportunities to bring efficiencies in business and Al-first offerings," said the Paytm chief executive.
He went on to compare artificial intelligence to smartphones. "I see AGI (artificial general intelligence) as something like smartphones 10 years back.”
'Next goal is to become free cashflow positive'
In a message to Paytm's investors, Vijay Shekhar expressed joy that the company has delivered EBDITA (before ESOP) profit. It is profit made by company before subtracting interest, taxes, depreciation, and amortization (EBITDA) and before accounting for the cost of employee stock ownership plans (ESOP).
Paytm stated Q4 FY2023 revenue climbed by 51% year on year to 2,334 crore, while full-year revenue increased by 61% year on year to 7,990 crore. (ALSO READ: Paytm's Q4 earnings exceed market expectations, reports revenues of ₹2,334 cr)
Paytm's EBITDA before ESOP costs increased to Rs234 crore in Q4, a considerable increase over the previous fiscal's Q4 figure of (Rs368 crore).
Paytm's CEO outlined the next objective of achieving positive free cash flow by aiming to generate more cash from its operations than it spends on investments.
'Paytm will be at forefront of the AI revolution'
Shekhar tried to assure stockholders that the company will embrace technology and be at the "forefront of the AI revolution." He further said that Paytm is delighted about the opportunities that India provides and is committed to building a world-class technology company in India.
"We firmly believe use of inhouse built technology for risk management and controls has become significant competitive advantage and we will continue to invest in this area as a key focus area," the fintech company's CEO added.