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Paytm parent One97 reports doubling net losses

One97 Communications, the parent company of Indian digital payment firm Paytm, which owns TicketNew and Insider.in, 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.