Paytm Trims Losses 39% to Rs 899.6 Crore in FY17
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 Marc...