Paytm sees losses increase by 163% in FY19
today Sep 10, 2019
Digital payments and e-commerce business Paytm saw its losses increase by 163% during the 2019 financial year due to increased expenses. The business’ revenue grew by around 6% during the same time period.
Paytm’s losses increased by 163% from Rs 1,604 crore ($241.1 million) during the 2018 financial year to Rs 4,217 crore during the 2019 financial year which ended in March, according to Paytm’s annual report which was sent to shareholders and accessed by the Times of India. Revenue was also up by close to 6% from Rs 3,052 crore in the 2018 financial year to Rs 3,232 crore in the 2019 financial year.
The business’ annual report stated that expenses increased by 60% from Rs 4,864 crore in the 2018 financial year to Rs 7,730 crore in the 2019 financial year. Despite high losses and expenses, Paytm continues to invest in its digital payments services and plans to spend around Rs 21,000 crore in the next two years to continue to extend its offerings.
Paytm will next file its financial results for the 2019 financial year with the Registrar of Companies. The business will then include a breakdown of its expenses including showing how much it spent on marketing and brand-building.
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