The countrys largest digital wallet, Paytms parent, One97 Communications, has reduced its losses significantly posting a 39 percent decrease in net loss to Rs 899.6 crore for FY17.
Paytm is considered as the largest digital wallet in the country, with a user base of over 300 million. It has also empowered Indias diverse merchant community from small stores to large retail and QSR chains with convenient mobile payments.
It reported a loss of Rs 1,496.7 crores for FY16, as per documents filed by the company with the RoC and accessed by business intelligence platform, reported Business Line.
The companys revenue grew 38.6 percent to Rs 828.6 crore compared with the FY16 revenue of Rs 597.8 crore. Paytms total expenses have increased 17.6 percent from Rs 1,775.5 crore for FY16 to Rs 2,088.1 crore for FY17.
With the launch of Paytm Payments Bank, the company aims to bring banking and financial services to 500 million un-served and under-served Indians.
Paytm Mall, the e-commerce arm of Paytm recently rose around Rs 2,900 crore from Softbank Investment Holdings and Alibaba.com Singapore as per a RoC filing, valuing the company at $2 billion, is eyeing a three-fold jump in GMV (Gross Merchandise Value) to $10 billion in FY19. Its current GMV run rate stands at $3billion.