India’s One 97 Communications Ltd , the parent of fintech firm Paytm, reported 45% rise in quarterly net loss on Friday even as revenue rose.
In its second earnings since it went public last year, Paytm posted a consolidated net loss of 7.79 billion rupees ($104.42 million) for the quarter ended December, compared with 5.36 billion rupees in the same period a year earlier.
Revenue in the quarter surged 77% to 15.33 billion rupees.
The company, backed by China’s Ant Group and Japan’s SoftBank Group Corp, raised $2.5 billion late last year in India’s biggest initial public offering (IPO), but made a dismal debut with widespread concerns about its high valuation and lack on a clear path to profitability.
Since its listing in November, the stock has more than halved to 953.30 rupees as of Friday’s close, after hitting a record low of 875 rupees last week.
- Reuters with additional editing by Jim Pollard