Digital financial services firm Paytm said its revenue for the fiscal year ended March 31, increased to Rs 3,629 crore supported by an increase in a 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 a 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.
The company 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 had sold 2 lakh units of Android-based point of sale (POS) devices amid demand from small and medium-sized enterprises (SMEs), grocery stores etc.
The company expects significant push in the 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 the 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.
The company 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.