Mumbai: Paytm’s losses narrowed 37% to Rs 2,597 crore in the fiscal year ended March 31, while revenue increased marginally, it said on Friday, as the fintech player enters various new businesses including lending, insurance and stock broking.
The decline in losses was largely on the back of curtailed expenditure, the company said in a statement, adding that it aimed to turn in a profit by 2022.
“Optimising expenses resulted in a 40% reduction in losses compared to last year,” it said. Paytm posted revenue of 3,629 crore, a 1.4% growth, a company spokesperson said. Digital transactions on its platform increased 50% while the company’s registered merchants crossed 17 million in the fiscal year, it said.