Thursday, October 22, 2020

Paytm trims losses by 40%, revenue hits Rs 3,629 crore in FY20

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New Delhi: Digital payments major Paytm on Friday said its revenue for the fiscal year ended on March 31 increased to Rs 3,629 crore with a 40 per cent decline in losses.

Paytm said that expanding its financial services with lending, wealth management and insurance offerings opened up new revenue streams for the company.

“We are on the path to empowering millions of Indians with digital financial services that would play a key role in building Atmanirbhar Bharat,” Madhur Deora, President – Paytm, said in a statement.

“We are also investing heavily in building digital services for our merchant partners so that they can benefit from technology and financial inclusion.”

The homegrown financial services platform said its Android-based point of sale system (POS) devices have also been gaining traction among small and medium-sized enterprises (SMEs), kirana stores and getting adopted rapidly.

Over 17 million merchant partners benefiting from its payment and financial services, according to the company which has launched a slew of merchant focused products such as Paytm for Business app, Soundbox, Business Khata and Payout services, among others.

The company is also working towards becoming a dominant digital financial services platform with Paytm Postpaid, Paytm Money & Paytm Insurance services contributing an increased turnover in the coming fiscal years.

It recently launched Stock Trading on its online investment and wealth management platform Paytm Money.

The company said that it is in the process of hiring over 1,000 engineers, data scientists, financial analysts among other positions for tech and non-tech roles.

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