Carta vs Paytm: Revenue, Profit and Business Model
Carta had $442M (unaudited) of annual revenue in FY2024. Paytm had ~$978.7M of annual revenue in FY2026 and ~$64.1M of net income.
Latest financial snapshot
Financial summary
Carta
Carta does not publish audited financials. Henry Ward has said the company was approaching $500 million in annual recurring revenue in 2025. Sacra estimates revenue of about $373 million in 2023, $442 million in 2024 (+19%), and $515 million in 2025 (+16.5%), with growth slowing after the end of zero-rate venture funding. Carta raised its last primary round, a $500 million Series G led by Silver Lake and Lightspeed, at a $7.4 billion valuation in August 2021; a January 2022 employee secondary sale reportedly priced it at $8.5 billion. Total equity funding is roughly $1 billion.
Paytm
Paytm lost money every year after its 2021 IPO, with net losses of about $278 million (₹2,393 crore) in FY22 and ~$206 million (₹1,776 crore) in FY23. The 2024 RBI action on Paytm Payments Bank cut FY25 revenue to ~$800 million (₹6,900 crore). Recovery followed: FY26 revenue from operations rose 22.2% to ~$979 million (₹8,437 crore) with a full-year profit of about $64 million (₹552 crore), and Q4 FY26 profit was about $21.3 million (₹184 crore) against a ~$62.6 million (₹540 crore) loss a year earlier. Q1 FY27 set records with ~$284 million (₹2,448 crore) revenue (+28%), EBITDA of ~$23.5 million (₹203 crore) (8% margin) and profit after tax of ~$25.5 million (₹220 crore) (+79%). In July 2026 the board decided not to proceed with a proposed bonus share issue. One97 Communications, operating as Paytm, is India's pioneer in digital payments, experiencing a highly volatile market valuation of approximately $3 billion following severe regulatory crackdowns by the Reserve Bank of India.
Revenue and profit by year
Carta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 run-rate | $515M | — | — | — | Source |
| FY2024 (unaudited) | $442M | — | — | — | Source |
| FY2023 (unaudited) | $373M | — | — | — | Source |
Paytm
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$978.7M | ~$64.1M | 6.6% | +22.3% | Source |
| FY2025 | ~$800.4M | ~-$76.4M | -9.6% | -30.8% | Source |
| FY2024 | ~$1.2B | ~-$164.4M | -14.2% | +24.9% | Source |
| FY2023 | ~$926.9M | ~-$206M | -22.2% | +60.6% | Source |
| FY2022 | ~$577M | ~-$277.6M | -48.1% | — | Source |
Where the revenue comes from
Carta
- Cap table and 409A valuation subscriptions
~67% (2023, Sacra estimate)
Annual subscriptions priced by company stage and stakeholder count, plus 409A valuation packages.
- Fund administration and Fund ERP
~27% (2023, Sacra estimate)
Fees tied to fund size and complexity for accounting, tax, reporting, and related software.
- Private equity, private credit, and legal services
~5% (2023, Sacra estimate; growing)
Newer PE and private credit products, plus Carta Law from 2026.
Paytm
- Merchant payments
Not formally reported
Monthly subscription fees for Soundbox devices and card machines, plus processing revenue on cards, EMI and online payments.
- Consumer payments
Not formally reported
UPI, bill payments, recharges and travel bookings in the Paytm app.
- Financial services distribution
Not formally reported
Paytm sources merchant and personal loans for partner lenders and does not lend from its own balance sheet. FY26 revenue from operations was ~$979 million (₹8,437 crore).
Business model and strategy
Carta
How it makes money
Carta sells annual software subscriptions plus service fees on both sides of the private market. Companies pay for cap table management, equity plan administration, and 409A valuations, with prices rising as stakeholder counts and funding stages grow.
Growth strategy
Carta grows by selling more products to the firms already on its ledger. The playbook is to take a professional service (409A valuations, fund accounting, legal work), automate it, and tie the output to Carta's system of record. Fund ERP bundles fund administration, fund tax, portfolio valuations, data collection, forecasting, and CRM.
Competitive advantage
Carta's main advantage is its two-sided network. Startups put investors on their Carta cap tables, investors adopt Carta for fund administration, and those funds steer portfolio companies to Carta. As a registered transfer agent holding the legal record of ownership, Carta is also costly to leave: switching means migrating years of grants, vesting schedules, and investor records.
Paytm
How it makes money
Paytm runs a capital-light, two-sided model. On the merchant side it deploys QR codes, Soundbox audio devices and Android card machines, charging monthly device subscription fees and earning payment processing revenue on cards, EMI and online payments (UPI person-to-merchant payments carry zero MDR, so device rentals and online gateway fees matter).
Growth strategy
Paytm's strategy since 2024 has three parts: grow the device merchant base and its payment processing revenue, use merchant and consumer data to distribute more loans for partner banks and NBFCs, and keep costs flat through AI and automation. In 2026 the company said it would hire about 4,000 people, mostly in sales, while trimming roughly 1% of staff. Marketing spend fell 19% in FY26.
Competitive advantage
Paytm's edge is its offline merchant base. It pioneered the Soundbox in 2019 and added about 2.7 million Soundboxes in the year to June 2026. Daily transaction data from these device merchants lets partner lenders underwrite small shopkeepers who lack credit bureau history, which is why lending distribution has become Paytm's fastest-growing revenue line.
Questions about Carta vs Paytm
Which company has higher revenue — Carta, Inc. or Paytm?
Carta, Inc. had $442.0M (unaudited) (FY2024), while Paytm had ~$978.7M (FY2026). By latest annual revenue, Paytm is the larger business, with Carta, Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Carta, Inc. vs Paytm?
Paytm has a market capitalisation of $12.0B. A public market cap figure for Carta, Inc. was not available (it may be privately held).
How does revenue per employee compare for Carta, Inc. and Paytm?
Carta, Inc. has $233k / employee in revenue per employee, while Paytm has $24k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Carta, Inc. and Paytm make money?
Carta, Inc. and Paytm generate revenue in fundamentally different ways. Carta, Inc.: Carta sells annual software subscriptions plus service fees on both sides of the private market. Paytm: Paytm runs a capital-light, two-sided model.
Is Carta, Inc. bigger than Paytm?
By last reported revenue, Paytm (~$978.7M (FY2026)) is the larger company compared to Carta, Inc. ($442.0M (unaudited) (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Carta vs Paytm overview