One97 Communications, the parent company of Indian digital payment firm Paytm, which owns TicketNew and, has reported doubling its net losses for the financial year 2018-19.

The company’s filings show that its revenues increased by 2 per cent while expenses shot up by 54 per cent, culminating in a two-time increase in losses for the year ending March 31, 2019.

One97 pointed to revenues jumping from INR 2,987 Cr (£322m/€377m/$416.9m) to INR 3,050 Cr year-on-year, while its losses shot up to INR 3,960 Cr to INR 1,491 Cr.

The report comes shortly after last week’s announcement that Paytm raised $1bn in funding from new and existing investors according to multiple reports.

The cash injection from US-based asset management firm T Rowe Price, Japan’s SoftBank Group and China’s Ant Financial and others has lifted Paytm’s valuation to $16bn.