Paytm Mall FY20 loss down 60% to ₹479 crore

NEW DELHI : E-commerce firm Paytm Mall on Friday said its loss narrowed by 60% to ₹479 crore in 2019-20 on account of reduction in assortment size, cashback and promotions.

The company had posted a loss of ₹1,171 crore in 2018-19.

“During the last fiscal year, we have streamlined business operations to improve our unit economics which has helped us in reducing losses by 60 per cent. Our efforts are to become profitable with hyperlocal outreach and initiatives which have already started giving positive results,” Paytm Mall COO Abhishek Rajan was quoted as saying in a statement.

The company’s total revenue for the reported financial year declined about 27% to ₹703 crore as compared to ₹968 crore in 2018-19.