One97 Communications Limited, the parent firm of Paytm, has vastly reduced its losses. The company has reported a loss of ₹899.6 crore for FY17 in the documents filed by the firm with the Registrar of Companies, and sourced from business intelligence platform Paper.vc.
This is a 39% decrease against the ₹1,496.7 crore loss reported for FY16, the Paper.vc data showed.
Revenue stands at ₹828.6 crore, a 38.6% increase against ₹597.8 crore in FY16.
Paytm’s total expenses increased by 17.6% from ₹1,775.5 crore for FY16 to ₹2,088.1 crore for FY17.
Paytm has gradually emerged as the largest digital wallet player in the country with a reported user base of 218 million. The SoftBank and Alibaba-backed company competes with players such as Flipkart’s PhonePe, Amazon Pay and Google’s mobile payment service Tez.
The digital payments space in India is expected to rise fivefold to reach $1 trillion by 2023 and it would be led by the growth in mobile payments, according to a report by financial services company Credit Suisse.
