Noida-based One97 Communications, the parent company of digital payments platform Paytm, widened its losses more than two-fold during the financial year ended March 2019.
On a standalone basis, the company reported losses at Rs 3,960 crore against Rs 1,491.23 crore in the previous financial year. Consolidated losses stood at Rs 4,217.20 crore against Rs 1,604.34 crore in FY18, the company’s latest regulatory filings showed.
While revenues during the year grew marginally, the SoftBank-backed company reported a 54% jump in FY19 expenses to Rs 7,254.80 crore (standalone) and a 58% increase in its consolidated expenses at Rs 7,730.14 crore in FY19
Standalone revenues stood at Rs 3391.61 crore against Rs 3229.38 crore in the previous year, registering a 5% year-on-year growth. The company’s consolidated revenues, which factors in earnings from subsidiaries Paytm Financial services, Paytm Money for mutual funds, and Paytm Entertainment Services were at Rs 3579.67 crore in FY19, an 8% jump from last year’s Rs 3309.61 crore.
One97 Communications’ FY19 earnings came in within a week after Paytm raised $1 billion in a financing round led by US asset management firm T Rowe Price. The round also saw participation from existing investors Ant Financial and SoftBank Vision Fund and Discovery Capital.