One97 Communications widens net loss to Rs 1,490 cr

One97 Communications widens net loss to Rs 1,490 cr

The headquarters for Paytm, India's leading digital payments firm, is pictured in Noida, India, August 29, 2018. REUTERS/Sankalp Phartiyal/File Photo

One97 Communications, which operates online payment company Paytm, has reported a net loss of Rs 1,490.4 crore for the year ended on March 31, 2018, compared to Rs 879.6 crore in the previous fiscal, showing an increase of 69% year-on-year according to regulatory filings.

But the company registered 325% increase in revenues, with expansion in its operation and it has on-boarded more users for its financial service and ecommerce platform. 

The company's consolidated revenue in FY 2018 touched Rs 3,314.8 crore compared with Rs 780.19 crore in the same period last fiscal and net losses reached Rs 1,606.05 crore from Rs 903.09 crore, the company said in a regulatory filing.

The filing stated that the company has a number of subsidiaries including Paytm Entertainment, Paytm Money, Mobiquest Mobile Technologies, Little Internet, Xceed IT Solution, Nearbuy India and Acumen Game Entertainment, among others.

Paytm E-commerce, which operates as Paytm Mall and competes against Flipkart and Amazon, registered a net loss of Rs 1,787.55 crore in FY2018 as against a loss of Rs 13.63 crore in the previous financial year. Paytm Mall's total revenue touched Rs 774.86 crore in FY18.