Paytm, the digital payment company, reduced its consolidated loss to Rs 1,704 crore in fiscal year 2020-21, down from Rs 2,943.32 crore in fiscal year 2019-20.
The corporation has announced a decrease of loss for the second consecutive fiscal year. According to the company’s annual report, overall sales fell 10% to Rs 3,186 crore in FY21 from Rs 3,540.77 crore in FY20.
COVID-19 is still spreading over the world, including India. This has ramifications for all local and international economic operations. The Indian government has taken a number of steps to slow the spread of the virus and reduce the financial effect on businesses and individuals. According to the annual report, the firm has assessed the potential implications of COVID-19 on the carrying amount of receivables, investments, assets, and other items.
The authorised share capital of Paytm was Rs 104.1 crore, with approximately 10.41 lakh Rs 10 equity shares.
Paytm is preparing for its first public offering (IPO), which is expected to be one of India’s largest. The company’s board of directors received in-principle approval last week to raise roughly Rs 22,000 crore through an initial public offering (IPO) in the October-December quarter of this year.
For the IPO, the business is aiming for a valuation of around Rs 2 lakh crore. Alibaba’s Ant Group (29.71%), Softbank Vision Fund (19.63%), Saif Partners (18.56%), and Vijay Shekhar Sharma are among Paytm’s shareholders (14.67 per cent).
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.