Paytm sees its losses surging in 2019-20 - 24.06.2019

One97 Communications Ltd, the parent of mobile payments company Paytm, may see its losses more than double in the year starting 1 April, according to its estimates. Paytm expects its loss to surging to around ₹2,100 crore for the year ending 31 March 2020 from an estimated ₹870 crore in the current fiscal, according to a confidential report prepared by investment bank Corporate Professionals Capital Pvt. Ltd for Paytm. Mint has reviewed a copy of the report. The company may, however, report its first profit of ₹207.61 crore in the fiscal year 2021, the report predicted. Eventually, One97 Communications may report a profit of around ₹8,512.69 crore by fiscal 2026. A One97 spokesman declined to comment on the story. Paytm’s growing losses were attributed to the parent’s emphasis on aggressive expansion to take on bigger rivals in the e-commerce space such as Amazon and Walmart-Flipkart. Read More> Click here Source: Livemint