Indian digital payment firm Paytm, which owns TicketNew and Insider.in, has reported a 165 per cent increase in its net losses for the financial year that ended in March.

The company has seen its net loss in the same period last year of Rs 1,490 crore ($206m/£166.6m/€186.4m) fall to Rs 3,959 crore ($549m) this past year.

During the same period, the company’s revenue rose to Rs 3,232 crore, compared to Rs 3,052 crore in the year before.

One97 Communications, the parent firm of Paytm, told investors in its annual report that its debt also skyrocketed to Rs695 crore.

However, Paytm said it is looking to invest $3bn in its business over the next two years and has been investing $1bn per year for the past two years to “expand payments ecosystem in our country.”

“We believe India is at the inflection point of digital payments and Paytm’s sole focus is towards solving the merchant payments and offering them financial services. We will invest Rs 20,000 crore ($2.7 billion) in the next two years towards achieving this,” a company spokesperson said, according to TechCrunch.

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