Paytm parent clocks revenue of Rs3,629 crore in FY’20, loss shrinks by 30%

One97 Communications Ltd, which owns payments major Paytm, has reported revenue of Rs3,628.85 crore in 2019-20, with losses shrinking 30% to Rs2,942.36 crore compared to Rs4,217.20 crore in the year-ago. Revenue was almost flat from Rs3,579.6 crore in FY19.

Paytm cut its total expenses by 20% to Rs6,226.31 crore in 2019-20 from Rs7,730 crore in FY19. The payments major has expanded its financial services offerings, including lending, wealth management and insurance, which are the primary driver for its revenue, it said on Friday. The company seeks to become profitable by 2022.

Last November, One97 had raised $1 billion from Softbank Vision Fund, Ant Financial, T Rowe Price Associates Inc., and Discovery Capital, at a valuation of $16 billion.