Synopsis
The operator of India s largest fintech startup cut its expenses by 20% to Rs 5,861 crore in 2019-20, though revenues fell marginally to Rs 3,350 crore.
ETBFSI
Mumbai:Paytm’s parent One 97 Communications has cut its losses by 28% to Rs 2,833 crore in 2019-20, on the back of curtailed expenses, regulatory filings accessed by ET through business intelligence platform Toffler showed.
The Noida-based One97’s expenses came down by 20% to Rs 5,861 crore in the reporting fiscal against a total expense of Rs 7,254 crore incurred by the fintech giant in FY19, as per the disclosures. At the same time, the company’s revenues fell marginally by 1% to Rs 3,350 crore.