One97 Communications banks on its services, other businesses to improve.
Paytm
parent One
97 Communications’ consolidated loss more than doubled in the
financial year ended March owing to capital expenditure on brand and
business activity, but said it was going to focus more on its
services and other businesses to improve turnover. Loss for 2018-19
(FY19) more than doubled to Rs 4,217.20 crore, compared with Rs
1,604.34 crore in the year-ago period.
One
97 in its annual report said its total revenue on a consolidated
basis rose to Rs 3,579.67 crore in FY19 from Rs 3,309.61 crore a year
ago.
“The
company is focusing on strengthening its position in various business
segments such as Payments Bank, insurance and insurance broking,
travel ticketing, hotel, and mobile wallet services and that would
result in better turnover in coming financial years,” Paytm's
parent said.
The
company has moved from being a mobile wallet business to becoming a
one-stop shop for all kinds of bill payments, payment gateway
aggregator services, ticket services, utility bills payments, and
insurance and hotel booking services.
One
97 also has units of Subsidiary of One97 Communications Singapore in
countries like Ivory Coast, South Africa, Nepal, Bangladesh,
Malaysia, Rwanda, Uganda, Nigeria, and the US.
A
Paytm
spokesperson said, “For the last two years, we have been investing
$1 billion each year to expand digital payments eco-system in our
country. We will further invest about $3 billion in the next two
years to scale the same. We believe India is at the inflection point
of digital payments and Paytm’s sole focus is towards solving the
merchant payments & offering them financial services. We will
invest Rs 20,000 crore in the next two years towards achieving this.”
Business
Standard has earlier reported that Paytm Mall is integrating its
offline merchant base with international sellers on a single platform
in a bid to take on competition.
During
the year, founder Vijay Shekhar Sharma’s cumulative shareholding in
the company remained at 15.73 per cent. Its largest investor
continued to be Alipay Singapore E-Commerce, with 30.49 per cent
cumulative shareholding, followed by SVF India Holding (Cayman) with
about 19.69 per cent shares, SAIF III Mauritius Company (13.02 per
cent), and Alibaba.com Singapore E-Commerce (7.70 per cent).
No comments:
Post a Comment