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Paytm is currently one of the three largest consumer Internet companies in the country and has more than 300 million registered users on its platform. Photo: Priyanka Parashar / Mint
New Delhi: One97 Communications Ltd., parent company of Paytm payment application, reported net losses of Rs.1,490.7 million as of March 31, 2018, according to data provided by the Tofler business information platform.
According to the latest filings with the Registrar of Companies, the company's losses increased by 69% compared to 87 rupees in the last fiscal year. The company has not reported any significant outstanding item for the 2017-2018 fiscal year compared to Rs591. 3 crore last year.
Paytm's total receipts more than quadrupled to 3,314 crores of rupees, compared with 780 crores of rupees during fiscal year 2016-2017. Enses and advertisements. The company spent 4 718 million rupees during the year against 1 947 million rupees during the year 17 in total expenditure.
Most of Paytm's expenditures were on advertising and promotion for which it spent Rs.2,917 million in FY18 compared to Rs 967 million in the previous year. .
Paytm also spent Rs. 540 billion in staff costs and staff costs in FY18. This includes gratuities, FP contributions, salaries and other employee costs.
Even when Alibaba-backed Paytm reported increasing losses over the years, it raised $ 300 million from Warren Buffett's Berkshire Hathaway Inc., a surprising investor, reported Mint in August.
Paytm had transformed his e-commerce company Paytm Mall into a separate company named Paytm E-commerce Pvt. Ltd. in August 2016. The online retailer collected about 1,500 crores of credits from the Japanese group SoftBank Corp. and the existing investor Alibaba Group Holding Ltd., as part of the commitment of funding 3,000 crores originally announced in April Mint . reported in June of this year.
The company announced in May that it planned to invest Rs 5,000 trillion over the next three years, with the aim of improving bank transfer facilities and other means of payment offered to customers through of his platform. It also launched in Japan a mobile payment facility called PayPay, in partnership with Softbank and Yahoo Japan.
In January, the digital payment company launched a new investment arm called Paytm Money Ltd, which offers investment and wealth management products. It entered the mutual fund distribution business in April and plans to offer shares of listed companies directly to customers, Mint declared in September.
Founded by Vijay Shekhar Sharma in 2000, One97 Communications Ltd. started as a mobile payment and charging company. It currently ranks among the top three consumer Internet companies in the country and has more than 300 million registered users on its platform.
In July of this year, he claimed to have exceeded $ 4 billion in gross monthly transaction value (including refills, bill payments to inter-counter transactions, among others).
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