India’s leading digital wallet company Paytm, has reduced its losses to Rs 899.6 crore in the financial year 2016-17 compared to the previous fiscal, as per regulatory documents.
The company had posted a loss of Rs 1,496.7 crore in 2015-16 fiscal against a total income of Rs 597.8 crore, as per documents filed by the company with the corporate affairs ministry.
The documents, sourced by data intelligence company Paper.vc, showed that One97 Communications’ total income had grown over 38 percent to Rs 828.6 crore in 2016-17 fiscal.
One97 Communications’ employee benefits expense in FY17 grew to Rs 333.87 crore, compared to Rs 143.13 crore in the previous fiscal.
Paytm CFO and senior vice president Madhur Deora said, “the company invested over Rs 2,000 crore in the fiscal ended March 2017 to expand digital payments ecosystem for consumers in the country and enabling small merchants to accept payments digitally.
“We witnessed strong growth in our business in FY2018, and made even larger investments particularly to bring digital payments to shopkeepers in the offline domain,” he added.
He further said, “We are committed to continued investments in our existing businesses, and to building new ones to make India a cashless nation”.