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With Fullerton acquiring a controlling stake last year, the fintech startup has seen an overhaul of the current leadership, trimmed loan disbursements and a halt in product rollouts.

Its biggest banking customer, Unity Small Finance Bank, has decided to part ways. The departure comes at a time when the fintech infrastructure startup has been trying to become a full-stack banking software provider.
Vijay Shekhar Sharma’s fintech has reported its first operationally profitable quarter. However, he will need to wait to win back the regulator’s trust for Paytm to scale further.
Its core POS machine business is small and growing slowly, and the company has done little else to justify its high valuation.