The fintech major’s total expenses decreased to Rs 5,861.54 crore in FY20 compared with Rs 7,254.8 crore in FY19.
Paytm’s net losses narrowed by 28.44% year-on-year (y-o-y) to Rs 2,833.18 crore on a standalone basis in the year to March 31, 2020, according to the company’s regulatory filings sourced from business intelligence platform Tofler.
The fintech major’s total expenses decreased to Rs 5,861.54 crore in FY20 compared with Rs 7,254.8 crore in FY19. Revenue from operations, however, increased only marginally to Rs 3,115.1 crore during the financial year against Rs 3,049.87 crore in FY19.
Earlier this year Paytm had said the firm managed to trim its losses by nearly 40% y-o-y to Rs 2,597.46 crore on a consolidated basis in FY20. “Optimising expenses” have helped pare the loss, the company had said.
The Noida-based company claims it is on its path to being profitable by 2022. Paytm has been expanding its financial services by adding lending, wealth management and insurance offerings which opened up new revenue streams. In July, Paytm along with founder Vijay Shekhar Sharma, announced the acquisition of Raheja QBE, a Mumbai-based general insurance company. The deal, valued at an estimated `568 crore will help the company expand its footprint in the insurance space and create affordable products.
The company’s valuation shot up to $16 billion after it secured a fresh $1 billion in funding led by T Rowe Price in November last year.