Alibaba-backed firm Paytm losses soar 312%

Digital payments and e-commerce platform Paytm has posted a net loss of R1,534 crore in the financial year ended March 2016, a rise of 312% over the previous year.

With a user base of 126 million, Paytm earns revenue through the mobile wallet and e-commerce business. Its payments business includes mobile recharges, money transfer, and flight, bus and railway ticketing, among others. The company also provides payment gateway services and is authorised by the Reserve Bank of India (RBI) to provide and operate a semi-closed wallet.

Read more at The Financial Express

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