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Paytm losses swell 70% in 2017-18

Oct 29, 2018 by The Passage Team
Paytm losses swell 70% in 2017-18

One97 Communications Ltd, the parent company of mobile payments app Paytm, widened its net loss by 70% year on year in the last financial year, showed data from business intelligence platform Tofler.

The company, backed by China’s Alibaba Group Holding Ltd, posted loss of INR 1,490.7 crore in the year ended 31 March, 2018, 70 per cent more compared to a INR 879 crore loss in the previous year.

Despite a fourfold total revenue climb from INR 780 crore in FY17 to INR 3,314 crore this year, higher expenses due to increase in employee, information technology and advertisements costs offset the revenue surge.

Source: Livemint

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