Digital payments company PayU narrowed its losses by around 28 per cent at Rs 119.8 crore in the financial year ending March,2019. The firm reported a loss of Rs 148 core in FY18. Decline in losses was attributed to increase in revenues apart from slower rise in expenses.
The Naspers-backed payment firm posted 50 per cent increase in its revenues at Rs 907.3 crore in FY19 as compared to Rs 605.5 crore reported in FY18, data sourced from business intelligence platform Tofler showed.
In FY19, total expenses of the company increased 36 per cent at Rs 1,028 crore against Rs 755 crore reported in FY18.
The payment service provider, which mostly focuses on emerging economies, has acquired 'Wibmo'- a startup engaged in range of processing services- this year for $70 million to expand its India business. The fintech firm has so far invested more than $500 million in the country to grow its reach in this key South Asian market.