The country’s largest digital wallet player, Paytm’s parent, One97 Communications, has reduced its losses significantly, posting a 39 per cent decrease in net loss to Rs 899.6 crore for FY17.
It reported a loss of of ₹1,496.7 crore for FY'16, according to documents filed by the company with the RoC and accessed by business intelligence platform, paper.vc.
The company's revenue grew 38.6 per cent to ₹828.6 crore compared with the FY'16 revenue of ₹597.8 crore. Paytm's total expenses have increased 17.6 per cent to ₹2,088.1 crore for FY'17 from ₹1775.5 crore for FY'16.
Paytm, which is considered the largest digital wallet player in the country, has a reported user base of 218 million.
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