A leading US-based investment bank has identified Paytm and Affle as strong plays in the artificial intelligence (AI) space, highlighting their growing integration of AI-driven technology in business operations.
Matt Orton, Chief Market Strategist at Raymond James, said he is restructuring his India portfolio to focus on technology-enabled companies benefiting from the AI trend. This includes adding exposure to One 97 Communications, which operates the digital payments platform Paytm, and consumer intelligence firm Affle 3i.
“They (Paytm) are powered by integrating AI to the ability to convert active users and build a better integrated payment system. And, a name that I’ve recently added into the portfolio is Affle 3i. It’s an adtech company that’s positioned around consumer engagement, but a huge portion of the revenue growth is leveraged to artificial intelligence,” Orton said, noting that both stocks are currently attractively priced.
The comment carries weight, given India’s limited number of listed companies actively developing AI-based products and services. The bank, which manages assets worth over $1.6 trillion as of June 2025, believes this gap presents an opportunity for select technology companies already using AI to enhance their offerings.
Shares of Affle, valued at around $3 billion, have risen by more than 28 percent over the past year, while Paytm shares have surged by over 83 percent in the same period.
Orton also revealed that he is adding ICICI Bank to his portfolio, describing it as a potential outperformer in the financial sector. “I think the potential for retail loan growth might be a little bit underappreciated by the market,” he added.
ICICI Bank, India’s second-largest private lender by market capitalisation, has gained about 6.3 percent in 2025 and 11 percent over the past year. Despite challenges from rising deposit rates and weaker credit demand, investor sentiment around the banking sector recently improved after the Reserve Bank of India allowed lenders to enhance their product offerings.
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