'Like smartphones 10 years back': Vijay Shekhar Sharma says Paytm will be at forefront of AI revolution

Paytm founder and CEO Vijay Shekhar Sharma recently asked users on Twitter to Direct Message(DM) him if they are interested in building Artificial Intelligence (AI)-first services in India. Shekhar recently shared a letter to stakeholders announcing that AI is just like smartphones 10 years back – 'very ripe for innovation and very potent to become part of everyday life at scale'.

Paytm CEO talks about AI revolution in India 

Sharma further promised that Paytm will be at the forefront of the AI revolution. As per his statement, “I see AGI as something like smartphones 10 years back – very ripe for innovation and very potent to become part of everyday life at scale. As a technology company, we at Paytm, will be at forefront of this revolution. I am always, very excited for opportunity India offers. We are committed to build world class technology company from India.”

Interested in building AGI-first services in India?
DM me! https://t.co/ywRklX6nv6

— Vijay Shekhar Sharma (@vijayshekhar) May 8, 2023

He also believes that generative AI can transform the way server-side components are used, just like Google did with internet searches. He says that AI will replace much of the work done by humans with great efficiency like customer care and fraud detection. Shekhar noted, "Generative AI will do a lot of work of humans from onboarding to customer care and fraud detection. Not only will those things become more efficient, but also help the business to scale to a new level of solutions.”

In the earnings call, Paytm revealed that it witnessed a 51 per cent revenue growth year on year to Rs 2,334 crore in Q4 FY2023 and a 61 per cent year on year jump in full-year revenue to Rs 7,990 crore.

In a statement, Sharma was quoted, “I am very happy to announce our second quarter of EBITDA (before ESOP cost) profitability. Our next milestone is to make Paytm free cashflow positive in near future. This has been possible by disciplined resource allocation and focusing on what has become our core revenue and growth driver – Payments and financial services distribution business.”

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