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Paytm reports Rs 3,629 cr revenue for FY20; eyes profitability by 2022

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

Topics
Paytm | Paytm revenue | Atmanirbhar Bharat Mission

Sai Ishwar  |  Mumbai 

Paytm reports Rs 3,629 cr revenue for FY20; eyes profitability by 2022
The company has clocked over 17 million merchant partners benefiting from its payment and financial services.

Fintech firm on Friday said its revenue for the financial year ended March 31 increased 1.4 per cent year on year (YoY) to Rs 3,629 crore on the back of higher digital transactions and point-of-sale devices among small businesses.

The Noida-based company also said it had narrowed losses by 40 per cent YoY on account of optimisation of expenses, which the start-up claimed would help it become profitable by 2022. The firm, however, did not disclose the losses for the financial year in terms of absolute figures.

In FY19, its losses stood at Rs 4,217.20 crore.

The company has clocked more than 17 million merchant partners benefiting from its payment and financial services. Its overall transactions grew by over 50 per cent annually.

The fintech firm has launched several products such as for Business app, Soundbox, Business Khata, and Payout to help small businesses. Its Android PoS device has hit 200,000 units in sales.

“We are on the path of empowering millions of Indians with digital financial services that would play a key role in building Atmanirbhar Bharat,” said Madhur Deora, president,

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“We are also investing heavily in building digital services for our merchant partners so that they can benefit from technology and financial inclusion,” he said.

This comes at a time when the start-up has been continuously venturing into newer businesses.

Paytm Money, its digital investment platform, went live with its stock-broking services last month.

Paytm and its Founder and Chief Executive acquired Raheja QBE General Insurance for nearly Rs 568 crore in July.

“If we were to be a large company after 15 years, we should be an incredible insurer. The biggest amounts are held with the insurance In India, Life Insurance Corporation acts as a rescue machine whenever there is capital required or, globally, Berkshire Hathaway to AIA hold large pools of capital available to be deployed,” he had said in an earlier interaction.

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First Published: Fri, September 04 2020. 19:44 IST
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