Sep 14: One97 Communications, which owns digital wallet Paytm, has seen an increase of its losses by 80%, translating to Rs 1,600 crore during the period of 2017-18. The mounting loss has been caused by Paytm’s aggressive expansion with its fin-tech products including payments bank, Paytm Mall and the new Paytm Money services.
Regardless of the loss, Paytm would continue to focus on its fintech products this year according to a report quoting Paytm founder and chief executive Vijay Shekhar Sharma. During the period of 2017-18, Vijay Shekhar Sharma’s annual salary also witnessed a dip to Rs 3 crore from Rs 3.47 crore in 2016-17.
According to reports, the salary of the CEO is expected remain Rs 3 crore for the current fiscal. The annual report of One97 highlighted a doubling of employee belefit-related expenses during FY18.
Vijay Shekhar Sharma stressed that Paytm will prioritize on expanding the customer base, demand side and supply side of its fintech services.
Paytm will also launch its Paytm Money services officially, that will guide the company into mutual funds domain. The company is hoping to expand its services once its gains foothold with large customer base in its existing services.
Paytm Money has already garnerer over 8 lakh registrations during its early access, of which 96% has been made through mobile devices. The company has been opting for an app-only approach for the official launch of Paytm Money. Paytm is currently giving access to around 2500 users per day for its mutual fund services. The numbers will be raised to up to 10,000 users per day in the coming weeks.