One97 Communications, the parent company of Paytm, has reported a jump of 38.6 per cent in consolidated revenue to Rs 828.6 crore for the financial year 2016-17 from Rs 597.8 in the previous year. According to reports, the company posted a total loss of Rs 899 crore, before including a one-time loss of Rs 591.3. Considering an exceptional item, consolidated losses work out to Rs 1259.5 crore, which is slightly higher than Rs 1,177.6 crore posted in the previous financial year 2015-16.
Total expenses also rose by 17.6 per cent to Rs 2088.1 crore in the financial year 2017 from Rs 1,775 crore in FY 2016. The expenses have risen even after cutting expenses on advertisements and promotions.
Couple of months bank SoftBank and Alibaba pumped in total $445 million in Paytm Mall. The company was valued at $2 billion with Softbank bringing in $400 million and $45 million by Alibaba.
Paytm Payments Bank, on the other hand, registered a loss of Rs 30.7 crore as on March 31, 2017. The total revenue of the Bank is around Rs 2.47 crore from May to March period. Paytm Payments Bank started its operations from May last year.
Paytm Mall was earlier hived off from the parent company and was created as an independent entity in December 2016.