One97 Communications, the parent company of fintech firm Paytm, has narrowed its losses to Rs 899.64 crore in FY17 against Rs 1,96.79 crore in FY16, as per filings with Registrar of Companies (RoC) and data platform Tofler. Revenue from operations rose 34.9% to Rs 640.2 crore in FY17 from Rs 474.23 crore in FY16. Employee benefit cost rose 133% to Rs 333.87 crore and total expenses rose 17.6% to Rs 2,088.17 crore in FY17. “In FY17, we invested over Rs 2,000 crore to expand digital payments ecosystem for consumers in our country and enabling small merchants to accept payments digitally. We witnessed strong growth in our business in FY 2018, and made even larger investments, particularly to bring digital payments to shopkeepers in the offline domain. We are committed to continued investments in our existing businesses, and to building new ones to make India a cashless nation,” Madhur Deora, CFO and SVP, One97 Communications, said.
In February, One97 Communications registered two new insurance companies under the names Paytm Life Insurance and Paytm General Insurance with the Registrar of Companies (RoC), as the company plans to enters insurance business.
In May 2017, Japan’s SoftBank Group invested $1.4 billion in One97 Communications.
