Paytm on Friday reported that its revenue has increased to Rs 3,629 crore in the financial year ended on 31 March 2020. The growth in revenue is due to the increase in the number of transactions across various segments and point of sale devices.

The home-grown digital financial services firm said its losses have narrowed by 40 per cent on a Year-On-Year basis. It had registered significant growth in its financial services, point of sales devices and optimising expenses, which resulted in the reduction in losses as compared to the last financial year, said in a statement. It is also investing heavily in hiring new talent and over 1,000 engineers, data scientists, financial analysts and other positions for tech and non-tech roles.

Paytm claims that it has opened up a new revenue stream by expanding its financial services in lending, wealth management and insurance segments. It expects that launching a stock trading segment in its online investment and wealth management platform, Paytm Money will help to get traction of both experienced as well as early investors. 

Madhur Deora, President of Paytm in a statement 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.”