For years, Paytm symbolised both the promise and perils of India’s startup boom. Aggressive expansion, regulatory headwinds, and widening losses kept investor sentiment cautious. That narrative, however, has been steadily changing over the past few quarters.
In Q3, Paytm posted another profitable quarter, reinforcing that its earlier turnaround was not a one-off. The company’s focus on higher-margin financial services—particularly lending distribution, merchant subscriptions, and cloud-based payments—has started to show compounding benefits. Revenues have grown steadily while costs, especially incentives and promotional spends, have remained under tighter control.
What stands out is not ju
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