Paytm’s Q4 Show, Freshworks To Axe 500 Jobs & More

Paytm’s Profitability Streak

Paytm turned in yet another profitable quarter in Q4. Buoyed by growing revenues, expenses under control and core payments vertical doing most of the heavy lifting, the fintech major posted its first full fiscal FY26 in the black.

Here is a quick snapshot of Paytm’s Q4 FY26 numbers:

• Net profit stood at ₹183 Cr versus a loss of ₹545 Cr a fiscal ago
• Operating revenue rose 18.4% YoY to ₹2,264 Cr
• EBITDA profit improved to ₹132 Cr versus an EBITDA loss of ₹88 Cr in Q4 FY25
• Expenses rose a meagre 5.3% YoY to ₹2,269 Cr

Profit With Discipline: The headline numbers vindicate Paytm’s thesis. The full-year profitability and positive EBITDA swing imply steadier operating leverage and tighter cost control. The lean structure was also a direct result of AI-led automation, which helped the company trim indirect expenses and increase efficiency.

Payments In Driver’s Seat: The core payments vertical continued to anchor the story. Merchant GMV rose sharply, monthly transacting users remained high, and transaction volumes continued to expand, showing that Paytm still has scale on its side. The expansion of merchant subscriptions and device-led distribution also gave the company more monetisable touchpoints.

The Wealth Tech Engine: The financial services arm continued to be the fintech’s growth engine. It continued to leverage its base of 7.7 Cr monthly transacting users to cross-sell high-yield credit and EMI products. This was reflected in the payment processing margins, which jumped to over 4 bps in Q4 as higher-margin instruments such as credit cards and EMI products gained market share.

FY27 Roadmap: Going forward, Paytm expects revenue growth to accelerate further in the ongoing fiscal, alongside continued expansion in EBITDA margins, driven by operating leverage and growth across its verticals. While it would be interesting to see if the momentum continues going forward, for now, here is how Paytm fared on the financial front in Q4…

From The Editor’s Desk

Meesho Reins In Losses In Q4

• The ecommerce major managed to slash its consolidated net loss by 88% YoY to ₹166.3 Cr in Q4 FY26, while operating revenue zoomed 47% YoY to ₹3,531.2 Cr during the quarter under review.
• In line with revenue, total expenses also zoomed 44.4% YoY to ₹3,807.1 Cr. However, adjusted EBITDA improved 240 bps to -1.7% of NMV, returning to Q1 FY26 levels on the back of efficient user growth spends and reduced server cost QoQ.
• Meanwhile, Meesho’s board also approved an investment of up to ₹100 Cr in its lending vertical Meesho Payments Private Ltd. via a rights issue. The investment is expected to be completed on or before June 30 and will take place over multiple tranches. 

Freshworks To Axe Jobs

• The SaaS major will trim 11% of its total workforce, or 500 employees, amid growing AI push. Over half of its code is now written by AI, and most repetitive tasks have been automated at the company. The layoffs will cost the company $8 Mn.
• The announcement came alongside Freshworks’ Q1 2026 results. The company slipped into the red with a net loss of $4.8 Mn, while revenues stood at $228.6 Mn during the quarter under review, up 16% YoY.
• Meanwhile, operating expenses jumped 14.2% to $202 Mn in Q1 2026 from $177 Mn in the year ago quarter. Founded in 2010, Freshworks offers a suite of cloud-based software to help companies manage customer engagement, sales and marketing. 

PB Fintech’s Q4 Profit Soars

• The insurtech major’s consolidated net profit surged 54% YoY to a record ₹261.2 Cr in Q4 FY26, while operating revenue zoomed 37% YoY to ₹2,061 Cr during the quarter. 
• PB Fintech’s healthy performance on the back of robust traction in its core online insurance segment and improving margins. What played a spoilsport was the muted growth in the credit vertical and expenses rising 31% YoY to ₹1,888 Cr.
• For the full FY26, PB Fintech reported a consolidated operating revenue of ₹6,794 Cr, up 37% YoY, while profit after tax (excluding exceptional items) rose 115% YoY to ₹670 Cr. 

Reliance Scales Up Satcom Play

• The conglomerate is exploring multi-billion dollar investments to bolster its presence in the satcom space. As part of this, the company is mulling launching new LEO satellites and acquiring companies that have existing orbital slots and infrastructure.
• Reliance is said to have formed six teams internally to work on different aspects, including satellites, launches, payloads and user terminals. It has also begun engaging with the telecom department to acquire LEO orbital slots.
• Reliance currently operates in the satcom space via its subsidiary Jio Space Technology Ltd, in partnership with Luxembourg-based SES. Besides securing key approvals, the company has already set up gateway and ground infrastructure in Andhra Pradesh.

General Autonomy Bags ₹32 Cr

• The robotics startup has raised about $3.3 Mn in its seed round led by existing investors Elevation Capital and India Quotient to step up R&D and accelerate the development of its robotics stack.
• The company raised the funds by issuing 1,776 Series Seed 2 CCPS at ₹1.68 Lakh each in February. Notably, the latest fundraise values the startup at around ₹280 Cr, up from about ₹200 Cr in its previous round.
• Founded in 2023, General Autonomy is building advanced AI-driven humanoid robots to automate labour-intensive workflows. It is also developing multi-tasking robots capable of navigation, manipulation, and cleaning and handling tools.

Inc42 Markets

Inc42 Startup Spotlight

How Nia.one Is Fixing India’s Gig Economics

India’s blue-collar economy depends on migrants who move cities for better pay, but many cannot stay because urban living is too expensive and too uncertain. Nia.one is trying to fix this gap by bundling housing, meals, jobs and support into a one worker-first platform.

The Niadel Model: Founded in 2024, Nia.one operates at the intersection of livelihoods and urban infrastructure. The startup’s physical hubs, called Niadels, are set up near industrial clusters in metros. Each site offers no-deposit accommodation, meals, groceries, laundry and optional upskilling, while also helping workers move between jobs without losing income.

A typical worker earning around ₹15,000 a month can keep enough after rent, food and essentials to send about ₹8,000 home, which is the core promise behind the model.

A Layered Business: Nia monetises both workers and enterprises. While it earns on rent, food and grocery margins, the startup also charges staffing commissions from employers. The company is also building financial services and an AI assistant called Rafiki to improve job matching and spending decisions.

Scaling The Ecosystem: Backed by Elevar Equity, the startup closed FY26 with an ARR of ₹30 Cr. Going forward, Nia.one plans to add 5 Lakh members across its nearly 3,000 centres, up 50X from 10,000 currently. With a Series A fundraise on the cards, can Nia.one disrupt India’s gig economics?

Infographic Of The Day

Fino Payments Bank added 3.2 Lakh new accounts in March 2026, its highest monthly growth in three years. So, how does the payments bank face a CEO arrest, regulatory crackdowns and business shutdowns, yet see record customer acquisition?

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