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Wednesday, 24 August 2016 00:00

Paytm posted net loss of Rs 1534 crores

Paytm, digital payment and e-commerce platform is left with a net loss of Rs 1534 crores, as posted by Paytm in the financial year ended March 2016. In the past, Paytm reported a net loss of Rs 372  crores.

One 97 communications operates the digital wallet with the brand name Paytm. It was founded by Vijay Shekar Sharma and is backed by Alibaba. Paytm projected a revenue of Rs 869 crores in the current year. Paytm was valued at $2.3 billion, as of June 30,2016. It has allotted some shares to three of it's non-executive directors - Naveen Tewari, Neeraj Arora and Ruchi Chandrakant Sangvi.The company is authorised by RBI (Reserve Bank of India) to operate as a semi closed wallet. The company has tie-ups with IRCTC, SpiceJet and Mumbai Metro. In the previous year, Paytm raised $200 million funding from Alibaba Group. The company has 126 million user base and reaches about 39,000 pincodes across the country. It is going to recruit more than 3,000  people to increase it's operations in the tier-II and tier-III cities.

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