Skip to main content

Paytm FY20 Revenue Rises To Rs 3,629 Crore, Loss Narrows By 40%

 


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 PostpaidPaytm 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

Comments

Popular posts from this blog

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

  JioMart , Reliance's online-to-offline commerce  platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went   live in 200 cities across India, is currently processing an average of  500,000 orders per day. " We can go even higher on peak days",  Jio Platforms CEO   Kiran Thomas  revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of  kiranas  and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials."  "Customers are transacting seamlessly on JioMart and the  conversational nature of the service  enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated th...

Zomato, Swiggy score 1/10 on working conditions for their workers – ET Retail

Some of India's biggest startups have ranked near the bottom when it comes to  working conditions  for their gig  workers , according to a report released Wednesday. While  Swiggy ,  Zomato  and Uber India scored 1/10, Urban Company and Flipkart’s logistics arm EKart scored the highest 8/10 and 7/10, respectively, ‘ Fairwork India Ratings  2020: Labour Standards in the Platform Economy’  showed . The report assessed the companies on five principles: fair play, fair conditions, fair contracts, fair management, and fair representation. Deepinder Goyal, chief executive officer of Zomato Media Pvt. Ltd., acknowledged the ratings on Twitter. “Zomato ranked at the bottom of 2020 Fairwork India scores. We knew we had things to work on, but we didn’t know that there is so much room for improvement.” The company takes full responsibility and “will leave no stone unturned to perform better in the rankings next year,” he added. Zomato received a 4/10 in ...

Times Internet posts 24% revenue jump to Rs 1,625 Cr in FY20

  Times Internet has posted a 24% jump in its annual revenue in the financial year ending March, recording Rs 1,625 crore in revenue in FY20. In its annual report, the company  said the revenue growth has been adjusted for seasonality of cricket events. In FY19, it had posted revenues of $196 million. The company has registered a surge across its revenue streams i.e. advertising revenue, subscribers, transaction revenue and gross merchandise value (GMV) in the last fiscal year. While advertising revenue grew 22% with faster growth in music and video, overall subscribers to Times Prime grew 62%.  Times Internet’s annualized GMV in transacting businesses grew 68% with a 75% jump in net revenues, said the company in its annual report. Its subscription and transactional businesses include Times Prime, Gaana Plus, TOI+, ET Prime, and Gourmet Passport.  Times Prime also crossed 2 million subscribers last year. “We broadened our media strategy beyond news, and we focused on...