Startup News Unpacked: Paytm's SEBI Clarification, PhonePe's Profitability, My Tirth India's Closure, and More
Paytm's SEBI Clarification on IPO Papers
Paytm has issued a crucial clarification regarding recent reports about the Securities and Exchange Board of India (SEBI) notice directed to the company. This is not a new issue, as Paytm previously disclosed it in its financial results for the quarter ended March 31, 2024. The company reassured stakeholders of ongoing communications with SEBI, indicating its commitment to resolve any misunderstandings regarding compliance.
PhonePe Turns Profitable with Strong Revenue Growth
In a significant milestone, PhonePe reported a 74% year-on-year revenue increase, reaching ₹5,064 crore in FY24. This marks a shift towards profitability with an Adjusted Profit After Tax of ₹197 crore, compared to previous losses. The standalone payments business also displayed strong metrics, with an adjusted PAT of ₹710 crore, reflecting substantial recovery from prior deficits.
My Tirth India Shuts Down Amid Financial Challenges
My Tirth India, a spiritual startup, is shutting down operations due to a severe funding crunch. Founder Indraneel Dasgupta announced the closure, attributing it to the passing of principal investor Subrata Roy. The startup's current mentorship is provided by singer Anup Jalota, as it grapples with its financial future.
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