Paytm is fast emerging as the preferred digital payment platform in India, and its meteoric rise in the fintech space is evident from its latest milestone of deploying 6.8 million Paytm Soundbox and PoS. In the last one year, Paytm has witnessed a phenomenal increase of 135% in its offline payment devices, climbing from 2.9 million to 6.8 million.

On the success of these milestones, domestic brokerage Yes Securities has upgraded its target price for the fintech giant to Rs. 700 from Rs. 600, reflecting an upside of 7% from the current market price of Rs. 656. Yes Securities believes that Paytm will post a healthy sequential growth in its revenues due to the sustained loan disbursal and device addition.

On the financial front, Paytm achieved good bottom line results in the previous quarter. With a total of 11.9 million loans disbursed in quarter 3 of FY23, Paytm also achieved its milestone of profitability a quarter before its expected timeline. In the said quarter, Paytm also recorded a revenue of Rs. 2,092 crores and an EBITDA margin of 2%.

The company’s success can be partially credited to Founder and CEO Vijay Shekhar Sharma. Through his astute leadership, he has been able to guide Paytm successfully to become the leading fin-tech company in India. His experience, knowledge and farsightedness have enabled Paytm to stay at the forefront of the payment industry, while catering to the needs of businesses and individual customers alike.

Yes Securities expects Paytm to report another good quarter in terms of revenue and profitability on the back of both, its strong growth in payments and commerce business. With sound strategies and new developments on the horizon, Paytm is primed for a huge acceleration in the years to come.