IPO-bound Paytm sees revenue drop, cuts losses by 42% in FY21

IPO-bound One97 Communications Ltd, the parent brand which owns Paytm, saw its consolidated revenues shrink by 11% to ₹3186.8 crore for fiscal year 2020 -2021 (FY’21) compared to ₹3540.77 crore in FY’20, according to the company’s annual report sent to shareholders on Saturday.

With a drop in revenues due to the pandemic, the company also cut losses by 42% to ₹1701 crore in the fiscal ending March 2021 (FY’21), on a consolidated basis. For FY’20, the company had cut losses by 30% to ₹2942.3 crore.

The drop in losses also comes on the back of shrinking expenses. Paytm’s total burn reduced by 22% to ₹4,783 crore in FY’21 from ₹6,138.23 crore in FY’20.