Homegrown financial services platform Paytm announced that its FY20 revenue increased to Rs 3,629 crore with a 40 percent decline in losses at Rs 2597.46 crore.

The company said that is has expanded its financial services with lending, wealth management and insurance offerings that have opened up new revenue streams. Paytm's Android-based POS devices have gained traction among SMEs, and kirana stores are adopting it rapidly.

So far, Paytm claims to have registered over 17 million merchant partners who are benefiting from its payment and financial services. The company has launched a slew of merchant focused products such as Paytm for Business app, Soundbox, Business Khata, Payout services among others that are transforming the way SMEs do business in the country. Paytm's all-in-one Android POS device is gaining traction among retailers and aroud 2 lakh units of the device have been sold to date.

The company is looking to become a dominant digital financial services platform with Paytm Postpaid, Paytm Money and Paytm Insurance services contributing an increased turnover in the coming years. The Noida-headquartered company recently launched stock trading on its online investment and wealth management platform Paytm Money, to help experienced and first-time investors trade in stocks in a completely digital and secure environment.

Madhur Deora, President of Paytm said, "We are on the path to empowering millions of Indians with digital financial services that would play a key role in building Atmanirbhar Bharat. We are also investing heavily in building digital services for our merchant partners so that they can benefit from technology and financial inclusion. Our efforts have started reflecting in the strong adoption of more profitable services by our consumers and merchants."

Paytm is among one of a few Indian companies that are investing amid the COIVD-19 pandemic and are hiring new talent. The company said that it is in the process of hiring over 1,000 engineers, data scientists, financial analysts among other positions for tech and non-tech roles.

First Published:Sept 4, 2020 11:05 AM IST