Paytm E-commerce, which operates online marketplace Paytm Mall, has posted a total loss of Rs 13.63 crore between August 2016 and March 2017, according to regulatory filings with the Corporate Affairs Ministry.
According to a PTI report: Paytm Mall, which was spun off as a separate app earlier this year, logged a total income of Rs 7.34 crore during the same period, the documents showed.
Paytm E-commerce, which was incorporated on August 16, 2016, took over the online marketplace business of Paytm.
When PTI contacted, a Paytm Mall spokesperson said these are initial years for Paytm Mall and “we have a long-term perspective on building a successful tech business”.
“We will help customers receive the same trusted retail experience synonymous with our brand…We will achieve this with our first-of-its-kind online-to-offline (O2O) model…,” the spokesperson further told PTI.
During the period under consideration, the company spent Rs 12.49 crore towards employee benefits, Rs 0.48 crore on finance costs and 0.47 crore as depreciation and amortisation expenses.
Other expenses during the period were at Rs 7.52 crore.
The company said the Board has not recommended any dividend for the period as this was the first year of operation and “it is desirable to plough back the income for generating growth of business in the initial years”.