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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 ₹899.6 crore for FY17.
It reported a loss of ₹1,496.7 crore for FY’16, as per 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. Headquartered in New Delhi, One97 delivers mobile content and commerce services to millions of mobile consumers and is backed by marquee investors such as Alibaba Group, Ant Financial (AliPay), SAIF Partners, SoftBank, Sapphire Venture and Silicon Valley Bank.
Paytm’s total expenses have increased 17.6 per cent from ₹1,775.5 crore for FY’16 to ₹2,088.1 crore for FY’17. Paytm, considered as the largest digital wallet player in the country, with a user base of over 300 million has also empowered India’s diverse merchant community from small stores to large retail and QSR chains with convenient mobile payments.
Today, over 7 million offline merchants accept payments using the Paytm QR.
Paytm’s products and services has led to the company registering over 1 billion transactions in a quarter with $20 billion annualised GMV.
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, which recently raised around Rs 2,900 crore from SoftBank Investment Holdings and Alibaba.com Singapore as per an RoC filing, valuing the company at $2 billion, is eyeing a three-fold jump in GMV to $10 billion in FY 19. Its current GMV run rate stands at $3billion. In March 2017, Paytm spun off the e-commerce business into a separate company.
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