20
Tuesday
October 2020
3:18 PM IST
News Headlines
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta        NCW seeks explanation from Kamal Nath for his remarks against MP minister        Imran Khan incapable and clueless; betrayed people of Pakistan: Opposition leaders        Nawaz Sharif''s son-in-law arrested in Pakistan        Kerala''s Covid tally touches 3.33 lakh with 5,022 fresh cases        HC restrains Customs from arresting Sivasankar till Oct 23, suspended officer discharged from hospital        Buttler, bowlers guide RR to seven-wicket win over CSK        Punjab beat MI in second Super Over        Saina, Sindhu's biggest Graffiti in India unveiled        Trump leans into fear tactics in bid to win Midwest states        US polls: New Congress could have more Indian Americans to the House Advertisement        Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc        Flood situation grim in parts of Telangana, Karnataka        Dalit woman gang-raped at gunpoint in UP        Army pressed into service in 4 flood-hit Karnataka dists; CM to undertake aerial survey        Pakistan pacer Umar Gul announces retirement from all forms of cricket        HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr        Biden warns Trump wants to scrap health law        BJP govt has surrendered in front of criminals: Akhilesh        Rahul Gandhi, Capt Amarinder vow to force centre to revoke black farm laws        
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Business News
Paytm FY'20 revenue rises to Rs 3,629 cr, loss narrows by 40 pc
 
New Delhi: Digital financial services firm Paytm on Friday said its revenue for fiscal year ended March 31, increased to Rs 3,629 crore supported by increase in number of transactions across various segments and point of sale devices.

The home-grown financial technology firm said its losses have narrowed by 40 per cent on a year-on-year basis.

"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.

"Our efforts have started reflecting in the strong adoption of more profitable services by our consumers and merchants," Paytm President Madhur Deora said in a statement.

Major growth registered from financial services and point of sales devices and optimising expenses resulted in a 40 per cent reduction in losses as compared to last year, the statement said.

"We are on path to become profitable by 2022. Paytm is also moving its efforts to become a dominant digital financial services platform with Paytm Postpaid, Paytm Money and Paytm Insurance services contributing an increased turnover in the coming fiscal years," Deora said.

Paytm has expanded its financial services with lending, wealth management and insurance segments, which the company claims have opened up new revenue streams.

The company said that it has sold 2 lakh units of Android-based point of sale (POS) devices amid demand from small and medium-sized enterprises (SMEs), grocery stores etc.

Paytm expects significant push in recently launched stock trading segment on its online investment and wealth management platform Paytm Money and expects to get traction of both experienced as well as first-time investors.

"Paytm has registered over 1.7 crore merchant partners benefiting from its payment and financial services with launch 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," Deora said.

Paytm said that it is investing heavily in hiring new talent even during this ongoing pandemic and is in the process of hiring over 1,000 engineers, data scientists, financial analysts among other positions for tech and non-tech roles


HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr
Brexit trade talks: both EU and UK dig in heels
Sensex declines over 200 pts in early trade; Nifty tests 11,900
Apple unveils new iPhones for faster 5G wireless networks
Vedanta plummets over 24 pc after delisting fails
Govt to give cash vouchers to staff in lieu of LTC this year: FM
Govt to facilitate renewal of international driving licence for citizens who are abroad
Eyeing 20 pc share in automobile transportation by 2021-22, Railway min meets industry leaders
Zydus Cadila launches new product for COPD patients in India
Japan seeks to boost catch limits of prized bluefin tuna
Glenmark Pharma gets USFDA nod to market drug for relapsing multiple sclerosis
States should stand firm, reject Centre's options on GST compensation cess: Chidambaram
Your jobs, increments, bonuses are secure: Puri to HDFC Bank employees
Asian shares rise on optimism about Trump's recovery
Vodafone lenders approve merger of Indus Towers with Bharti Infratel
Flipkart partners Paytm for festive sale
Markets mixed after Trump-Biden debate; data lifts China
Govt opening up economy for greater pvt sector participation: Goyal
BPCL pays for defaulting Videocon in Brazil oil block
Temporary retention of GST cess pending reconciliation not diversion: FinMin sources
KERALA NEWS
Kerala''s Covid tally touches 3.33 lakh with 5,022 fresh cases
 Thiruvananthapuram: Kerala on Monday recorded 7,469 recoveries and 5,022 new COVID-19 cases, pushing  
Jnanpith awardee Akkitham Achuthan Namboothiri dead
Kerala''s COVID-19 count crosses three lakh mark with 8,764 fresh cases
NCP welcomes Mani to LDF but not at cost of Pala seat
INTERNATIONAL NEWS
Imran Khan incapable and clueless; betrayed people of Pakistan: Opposition leaders
 Karachi: Prime Minister Imran Khan is "incapable and clueless", and his government is worse than a d
Nawaz Sharif''s son-in-law arrested in Pakistan
Trump leans into fear tactics in bid to win Midwest states
US polls: New Congress could have more Indian Americans to the House Advertisement
NATIONAL NEWS
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta
 Srinagar: The Enforcement Directorate on Monday questioned National Conference president Farooq Abdu
NCW seeks explanation from Kamal Nath for his remarks against MP minister
Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc
Flood situation grim in parts of Telangana, Karnataka
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