Paytm Mall reported a net loss of Rs 13.63 crore on total sales of Rs 7.35 crore between August 2016 and 31 March 2017, as per the filings with Registrar of Companies (RoC).
Total expenditure was Rs20 crore, while reserves and surplus stood at Rs1,284 crore, the filings showed.
Paytm Mall spun off as a separate entity earlier this year and stated that since it has recently started its operations, it should not be seen as a loss but an investment.
“These are the initial years for Paytm Mall and we have a long-term perspective on building a successful tech business. We will help customers receive the same trusted retail experience synonymous with our brand and act as a technology enabler for the country’s massive offline retailer community. We will achieve this with our first-of-its-kind online-to-offline (O2O) model that allows us to ensure a seamless experience across offline and online,” a Paytm Mall spokesperson said.
While Paytm has been running its e-commerce business since 3 years through its app, it separated it and launched a standalone app and website- Paytm Mall.
Vijay Shekhar Sharma, the founder of Paytm owns over 12 percent stakes in Paytm Mall and other shareholders include Chinese Unicorn Alibaba and SAIF Partners.
Going head-to-head with the competition, it launched its maiden festival sales event last month, committing to spend over Rs500 crore on cashback offers.
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