Published
Nov 2, 2017
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Paytm posts Rs 814 crore revenue, to focus on customer acquisition

Published
Nov 2, 2017

India’s largest digital wallet Paytm’s parent firm One97 Communications Ltd posted revenue of Rs 813.88 crore (approx $126 million) for the financial year 2016-17 with a net worth of the company at Rs 2,376.6 crore (approx $368 million).
 

Paytm.com


One97 had reported losses of Rs 1,534 crore (approx 237.6 million) in financial year 2015-16 with revenue of Rs 869 crore (approx $134.6 million). The company did not disclose the profit or loss for the year in its regulatory filings.
 
Last month the company’s e-commerce entity Paytm Mall had posted a total loss of Rs 13.63 crore (approx $2.1 million) between August 2016 and March 2017 with a total revenue of Rs 7.34 crore. It had attributed the losses to employee benefits.

Paytm founder, Vijay Shekhar Sharma in an interview to Bloomberg recently had said, “The Company is running with losses of roughly $200 million in a year at the cash flow level. We are willing to take that for the next 5-6 years”.
 
Paytm with the backing of Japan's SoftBank Group which recently infused of $1.4 billion in the firm & its longtime partner Alibaba has been expanding aggressively across all verticals to maintain its market lead in digital payments space.
 
Paytm is targeting 500 million customers over the next 3 years and willing to suffer losses for the same. Currently, the company has around 218 million users.
 
Paytm earns majority of its revenue through the mobile wallet and e-commerce business. Last month it had witnessed a 65% rise in offline payments resulting in transactions worth $1.6 billion during the period.

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