Paytm Mall has said its loss narrowed by 60% to Rs 479 crore in 2019-20 on account of reduction in assortment size, cashback and promotions.
The company had posted a loss of Rs 1,171 crore in 2018-19.
Abhishek Rajan, COO stated, “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,”.
The company’s total revenue for the year declined to Rs 703 crore as compared to Rs 968 crore in 2018-19.
“The company over the last several months has done a deep analysis of the overall operations and zeroed in on elements including cashbacks, promotional campaigns, that were draining resources and increasing costs.”
