11.8 C
New York
Thursday, December 3, 2020
Home Trends Paytm FY20 revenue rises to Rs 3,629 Cr, loss narrows by 40...

Paytm FY20 revenue rises to Rs 3,629 Cr, loss narrows by 40 pc

Digital financial services firm Paytm on Friday said its revenue for fiscal year ended March 31 increased to Rs 3,629 crore supported by increase in number of transactions across various segments and point of sale devices.

The home-grown financial technology firm said its losses have narrowed by 40 percent on a year-on-year basis.

“We are on the path to empowering millions of Indians with digital financial services that would play a key role in building Aatmanirbhar Bharat. We are also investing heavily in building digital services for our merchant partners.

Paytm Payment Gateway launches UPI subscription services for businesses

“Our efforts have started reflecting in the strong adoption of more profitable services by our consumers and merchants,” Paytm President Madhur Deora said in a statement.

Major growth registered from financial services and point of sales devices and optimising expenses resulted in a 40 percent reduction in losses as compared to last year, the statement said.

“We are on path to become profitable by 2022. Paytm is also moving its efforts to become a dominant digital financial services platform with Paytm Postpaid, Paytm Money, and Paytm Insurance services contributing an increased turnover in the coming fiscal years,” Deora said.

Paytm has expanded its financial services with lending wealth management and insurance segments, which the company claims have opened up new revenue streams.

The company said it has sold two lakh units of Android-based point of sale (POS) devices amid demand from small and medium-sized enterprises (SMEs), grocery stores, etc.

Paytm expects significant push in recently launched stock trading segment on its online investment and wealth management platform Paytm Money and expects to get traction of both experienced as well as first-time investors.

“Paytm has registered over 1.7 crore merchant partners benefiting from its payment and financial services with launch of merchant focused products such as Paytm for business app, Soundbox, Business Khata, Payout services, among others that are transforming the way SMEs do business in the country,” Deora said.

Paytm said that it is investing heavily in hiring new talent even during this ongoing pandemic and is in the process of hiring over 1,000 engineers, data scientists, financial analysts among other positions for tech and non-tech roles.

Source: Yourstory


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

100% tax exemption for private bus operators in Punjab

The Punjab cabinet approved on Wednesday a tax exemption of 100 per cent for private buses, a move aimed to support the transport sector...

Tata-Mistry case: SC to hear matter on Dec 8

The Supreme Court Wednesday said it would hear on December 8 the cross appeals filed by Tata Sons and Cyrus Investments against appellate tribunal...

PM briefed on internal security situation at DGPs meet

Prime Minister Narendra Modi was Wednesday briefed on the country's internal security situation and how to improve it by taking people- friendly initiatives. A review...

Modi should directly hold talks With protesting farmers but he wont, He never had a single press conference in last 6 years, not even...

The Centre must suspend the three "black" farm laws without delay and Prime Minister Narendra Modi should directly hold talks with the protesting farmers,...

Recent Comments

%d bloggers like this: