Hi Vivek, I didn't follow your question fully. I mentioned the AA framework because now even those who don't have a deep credit history could "potentially" get loans at cheaper rates.

Arundhati Ramanathan

We used a synonym for it, Surendra, which is trust :)

Arundhati Ramanathan

That's a valid point you raise, Satish. Thanks for pointing it out.

Arundhati Ramanathan

Kumar, none of our investors have anything to do with any of our stories, including this one. So vetting/approving is simply out of the question and outside the realm of independent journalism, which we stick to.

Arundhati Ramanathan

Thanks Deepak. You are right, it is partly like you said, due to transaction volumes falling. But the company also since 2019 has been deliberate about cutting marketing expenses. So it's driven by both, in all likelihood. Cashback is like a tiger's tail, I think--catching it and letting go are both challenging :)

Arundhati Ramanathan

Hi Amrit, we manually moderate comments, so you can see we approve and welcome critical, blunt comments as much as any other. Readers of course do disagree with our take, and we respect that. Always. In this case, the article was compared to facts from another source that didn't add up, and I pointed them out. We are passionate about our work, so that translates into comments as well :) But pls keep the feedback/comments coming, we are all the richer for it.

Arundhati Ramanathan

Ouch :) Not at all Gokul. Happy to engage with readers, hear all POVs and take in criticism.

Arundhati Ramanathan

Kardam, I mentioned RPT 8 times because it is *that* important. Please don't assume all readers have equal knowledge of a specialised topic like fintech. We have written extensively about Paytm's business earlier. So our focus this time was different. If you didn't find our take insightful, I'm sorry to hear that. But let me also tell you that the two points you raised in the other article makes incorrect comparisons on both counts. To conclude that UPI was 75% of Paytm's GMV is wrong. Paytm DRHP clearly says its GMV excludes any consumer-to-consumer payment service such as money transfers. But UPI numbers include P2P and P2M transfers. As for the bit on debit cards, Karur Vysya actually made Rs 6000 cr plus income in Fy21, and has SB deposits of over Rs 15,000 cr. It's bigger than PPBL, so naturally their transaction would be more. Moreover, PPBL's 64 mln includes savings and current accounts. Is it comparable to KVB? Pls ask them.

Arundhati Ramanathan

Hi Ajay, we had a comprehensive article in 2020 laying out all of Paytm's businesses and doing a detailed analysis of that, and the challenges we wrote of back then hold true still, so doing a business break up is not going to yield any fresh insights to our readers who already have our past stories to refer to. You can read it here: https://the-ken.com/story/paytm-grasps-at-financial-services-straws-to-stop-its-slide/ With the prospectus of what could be among the country's biggest IPOs, it is a chance to see the innards of the company and its structure and see how it is poised to achieve its goals, which is what we have done.

Arundhati Ramanathan

Thanks for pointing it out, Rajat. Have fixed it.

Arundhati Ramanathan

Sure Subramanian, if you know more about this or known someone who can tell us more about this, pls write to me at arundhati@the-ken.com.

Arundhati Ramanathan

Thanks Kuldeep. There are no other comparative online platforms. But to give you an idea, Vayana is another prominent fintech that is an online intermediary but just for supplychain finance. They have placed about Rs50,000 crore. Hope this helps.

Arundhati Ramanathan