- The financial services platform Paytm had reported a revenue increase to Rs 3,629 crore with a 40% decline in losses.
- The Noida-based firm said it is looking to become a profitable venture by 2022.
- Last year in November Paytm raised its second-biggest funding round of $1 billion from existing investors SoftBank, Ant Financial, and others.
- Meanwhile, Paytm is planning to hire 1000 employees at a time when companies are laying off staff amid the coronavirus pandemic.
Vijay Shekhar Sharma led financial services platform Paytm had reported a revenue increase to Rs 3,629 crore with a 40% decline in losses backed by its growth in the financial services business and point of sale (PoS) devices. In the financial year 2019, the company had reported a revenue of Rs.3232.01 Crore.
Earlier this year, in an interview with Fortune India, Vijay Shekar Sharma had predicted that the unicorn’s losses could decline by at least 50% year-on-year.
The firm had ramped up its presence in the financial services space including lending, wealth management, and insurance offerings which led to new revenue streams.
“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 so that they can benefit from technology and financial inclusion. Our efforts have started reflecting in the strong adoption of more profitable services by our consumers and merchants,” said Madhur Deora, the president of Paytm.
At a time when SMEs and Kirana stores have been rapidly adopting PoS devices, the company’s Android-based PoS devices recorded a higher adoption rate resulting in 200,000 units being sold. Its overall transactions grew by over 50%, and the company claimed that it had registered over 17 million merchant partners on its payment and financial services vertical.
It has also launched several merchant focused products such as Business Khata app, Soundbox, a voice-activated point-of-sale machine in multiple languages.
The Noida-based firm said it is looking to become a profitable venture by 2022. The company said it is making efforts to become a dominant financial services platform by offering services such as Paytm Postpaid, Paytm Money, and Paytm Insurance which will contribute to its turnover in the coming fiscals.
Last year in November Paytm raised its second-biggest funding round of $1 billion from existing investors SoftBank, Ant Financial, and others.
Meanwhile, Paytm is planning to hire 1000 engineers, data scientists, and financial analysts, among other positions for tech and non-tech roles at a time when companies are laying off staff amid the coronavirus pandemic.
It has recently launched stock trading on its online investment and wealth management platform as well.