Paytm owner One97 Communications widens net loss to Rs 1,490 cr
Paytm’s parent company One97 Communications has reported a higher net loss of Rs 1,490.4 crore for the year ended on March 31, 2018, compared to Rs 879.6 crore in the previous fiscal.Updated: Oct 28, 2018 23:00 IST
Paytm’s parent company One97 Communications has reported a higher net loss of Rs 1,490.4 crore for the year ended on March 31, 2018, compared to Rs 879.6 crore in the previous fiscal, according to regulatory filings.
One97 Communications’ revenues from operations, however, grew manifold to Rs 2,987.41 crore in FY2017-18 as against Rs 624.76 crore in FY2016-17, according to the company’s filings to the Corporate Affairs Ministry provided by business intelligent platform Tofler.
Its employee benefits expenses during the fiscal under review were at Rs 540 crore. The filing stated that the company has a number of subsidiaries including Paytm Entertainment, Paytm Money, Mobiquest Mobile Technologies, Little Internet, Xceed IT Solution, Nearbuy India and Acumen Game Entertainment among others.
A separate filing of Paytm E-commerce — which operates as Paytm Mall — showed that Paytm’s e-commerce venture had registered a net loss of Rs 1,787.55 crore in FY2017-18 as against a loss of Rs 13.63 crore in the previous financial year.
The entity, which competes against the likes of Flipkart, Amazon, Snapdeal and Shopclues, saw its revenue from operations rising manifold to Rs 744.15 crore in FY2017-18 from Rs 7.16 crore in the previous year.