Paytm’s is one of India’s largest payment companies. In the current report, Paytm’s annual loss has reached $549 million for the financial year that ends in March. The number increased 165% over $202 million in the same period last year.
However, in facing this loss, Paytm says that it will invest 43 billion more in its business in the next two years.
Paytm revenue
Meanwhile, in the same period, the company’s revenue rose to Rs 3232 crore ($448 million), compared to Rs 3052 crore ($423 million) in the year before. Besides the firm’s debt also surged to Rs 695 crore ($96 million), according to One97 Communications, the parent firm of Paytm.
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One97 Communications also runs an e-commerce business, which recently raised money from eBay and Paytm Money. Those businesses run mutual funds business. On a consolidated basis, the 9-year-old firm reported an annual loss of $584 million. The number increased up from $222 million from the year before.
Paytm future
The loss of Paytm does not seem to worry about the firm. Its CEO, Vijay Shekhar Sarma, said last week that the firm will begin to work ongoing public in the next 22 to 24 months.
On the other hand, the competition level faces by Paytm today is going to be increasing in the future. Moreover, it will no longer face financially weaker local rivals.
Paytm has raised over $2 billion to date from a range of investors. Its investors include SoftBank, Alibaba, and Berkshire Hathaway.
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The firm continues to be the largest mobile wallet app provider in India, but increasingly users are moving to government-backed UPI payments infrastructure. In UPI land, Paytm competes with Flipkart’s PhonePe and Google Pay, both of which are heavily-backed.
