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Paytm Mall, a homegrown e-commerce O2O (offline-to-online) platform on Saturday said it has significantly reduced its FY19-20 losses by 60 per cent to ₹479 crore.
The company said that it has sharpened its assortment and marketing costs to improve unit economics, even as it expands the number of sellers and customers on its platforms.
Paytm Mall's revenue for 2019-20 stood at ₹703 crore down from ₹968 crore the previous fiscal, due to the overall realignment of business towards profit-
Abhishek Rajan, COO Paytm Mall said: "We are on a mission to democratize e-commerce services and empowering SMEs, Kirana stores with the ability to sell online to increase their income. During the last fiscal year, we have streamlined business operations to improve our unit economics which has helped us in reducing losses by 60 per cent.”
“Our efforts are to become profitable with hyperlocal outreach and initiatives which have already started giving positive results," he added.
As the company’s hyperlocal initiative has started showing results, it should lead to overall growth in the revenue over the next few quarters, while reducing cash losses by a further 60 per cent in the current fiscal.
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