Paytm owner One97 Communications widens net loss to ₹1,490 cr

Paytm’s parent company One97 Communications has reported a higher net loss of ₹1,490.4 crore for the year ended on March 31, 2018, compared to ₹879.6 crore in the previous fiscal.

Paytm’s parent company One97 Communications has reported a higher net loss of ₹1,490.4 crore for the year ended on March 31, 2018, compared to ₹879.6 crore in the previous fiscal, according to regulatory filings.

Paytm’s parent company One97 Communications has reported a higher net loss of ₹1,490.4 crore for the year ended on March 31, 2018, compared to ₹879.6 crore in the previous fiscal. (Virendra Singh Gosain/ HT)

One97 Communications’ revenues from operations, however, grew manifold to ₹2,987.41 crore in FY2017-18 as against ₹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 ₹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 ₹1,787.55 crore in FY2017-18 as against a loss of ₹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 ₹744.15 crore in FY2017-18 from ₹7.16 crore in the previous year.