Paytm’s ecommerce arm, Paytm Mall, has cut its losses by 60% to Rs 479 crore in FY20 even as the company posted a 30% decline in revenue.
The financials are largely in line with the forecasts made by the firm where it had committed to reduce its cash burn by a third, largely by reducing assortment sizes and cashback-led promotions to improve its unit economics.
“We are on a mission to democratise ecommerce services…,” said Abhishek Rajan, COO, Paytm Mall. “During the last fiscal year, we have streamlined business operations to improve our unit economics which has helped us in reducing losses by 60%. Our efforts are to become profitable with hyperlocal outreach and initiatives which have already started giving positive results.”
The company’s revenue for FY20 revenue stood at Rs 703 crore from Rs 968 crore the previous fiscal.
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