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 per cent 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
Atmanirbhar Bharat. We are also investing heavily in building digital services
for our merchant partners.
"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 per cent 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 that it has sold 2 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.
Sandip Ginodia , CEO
ALTIUS INVESTECH PVT LTD
We deal in over 60 unlisted companies with 15 years of experience
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .
Email : ginodiasandip1@gmail.com
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