On Friday, Paytm, the Digital Financial firm (1), stated that its current FY revenue has jumped to 3,629 crore INR. The increase is due to the surge in numbers of transactions across several segments and sales of devices. The firm also stated that its loss has now narrowed to 40% yearly.
The home-grown financial technology platform added that they are embarking on the path to empower millions of Indians its digital financial services. It would play a critical function in strengthening Atma Nirbhar Bharat. The firm is also investing massively in building digital services for its business partners.
Madhur Deora, President of Paytm, stated that the firm’s efforts are now reflecting the influential enactment of more reliable services by the merchants and consumers. There is a 40% drop in the losses than previous years due to the significant growth in financial services and sales, and expense optimization.
Paytm to Expand its Financial Services
The statement added that Paytm is now on its path to become profitable by 2022. The firm is also making efforts to become the most dominant digital financial services. Paytm Postpaid, Paytm Money, and Paytm Insurance services add to its increased revenue in the upcoming years, stated Deora.
Paytm has grown its services with lending wealth management and insurance verticals. The company claims that these new segments have added a new revenue stream. The firm has sold over two lakh units of its Android-POS devices to small and medium enterprises, grocery stores, etc. The company is expecting a notable push in its latest stock trading vertical on online investment and wealth management portal, Paytm Money.
It has over 1.7 crore merchant partners registered who are getting benefits from its payment and financial services. The firm has also launched products that focus solely on merchants. It includes the Paytm business app, Soundbox, Business Khatam Payout services, and more. These products are changing the business methods of SMEs in India.
The firm said that it is also investing profoundly in hiring new talent even during the pandemic. The firm is also hiring over 1,000 engineers, data scientists, and financial analysts, among other tech and non-tech roles.