The Noida-based firm also claimed it has narrowed losses 40 per cent year-on-year on account of optimisation of expenses which will help it become profitable by 2022
Sai Ishwar |
Last Updated at September 4, 2020 19:49 IST
Fintech firm Paytm on Friday said it has reported a Rs 3,629 crore revenue for the financial year ending 2020, a 1.4 per cent per cent rise compared to the last year, on the back of a rise in digital transactions and point of sale devices among small businesses.
The Noida-based firm also claimed it has narrowed losses 40 per cent year-on-year on account of optimisation of expenses which will help it become profitable by 2022. The company, however, did not disclose the losses for the financial year in terms of absolute figures. In FY20, its losses stood at Rs 4,217.20 crore.
The company has clocked over 17 million merchant partners benefiting from its payment and financial services. The company also said that overall transactions grew by over 50 per cent annually at a time when it has launched newer products such as Paytm for Business app, Soundbox, usiness Khata, Payout services to help small businesses in the country. Its Android POS device has already hit 200,000 units in sales.
“We are on the path to empowering millions of Indians with digital financial services that would play a key role in building Atmanirbhar Bharat,” said Madhur Deora, president – Paytm. “We are also investing heavily in building digital services for our merchant partners so that they can benefit from technology and financial inclusion. Our efforts have started reflecting in the strong adoption of more profitable services by our consumers and merchants,” he said.
This comes at a time when the startup has been continuously venturing into newer businesses this year. Paytm Money, its digital investment platform, went live with its stockbroking services last month. Paytm and its founder and CEO Vijay Shekhar Sharma acquired Raheja QBE General Insurance for nearly Rs 568 crore in July.
“If we were to be a large company after 15 years, we would be an incredible insurer. The biggest amounts are held with the insurance companies. In India, Life Insurance Corporation acts as a rescue machine whenever there is capital required. Globally, Berkshire Hathaway to AIA hold large pools of capital available to be deployed,” he said in an earlier interaction.