Paytm on Friday said its losses narrowed by nearly 40% year-on-year at Rs 2,597.46 crore on a consolidated basis in the year to March 31, 2020.
Total losses stood at over Rs 4,000 crore in FY19. “Optimising expenses” have helped pare losses, the company said in a statement. Total revenues, however, rose only marginally at Rs 3,629 crore in FY20 compared with Rs 3,579.67 crore in the year-ago period.
The Noida-based firm said it has expanded its financial services by adding lending, wealth management and insurance offerings which opened up new revenue streams. The firm claims it is on its path to being profitable by 2022. Paytm’s valuation shot up to $16 billion after it secured a fresh $1-billion funding led by T Rowe Price in November last year.
In July, Paytm along with founder Vijay Shekhar Sharma, announced the acquisition of Raheja QBE, a Mumbai-based general insurance company. The deal, valued at an estimated `568 crore will help the company expand its footprint in the insurance space and create affordable products.
Paytm’s valuation shot up to $16 billion after it secured a fresh $1 billion in funding led by T Rowe Price in November last year.
The firm said it has registered over 17 million merchant partners and is investing heavily to build digital services for them. Last month, the company announced that it is in the process of hiring over 1,000 staff across operations.