Paytm: This is the second consecutive financial year when the company has reduced losses. Paytm had a loss of Rs 2,943.32 crore in the financial year 2019-20.
The consolidated loss of Paytm, which is preparing to bring the country’s largest IPO, has come down to Rs 1,704 crore in the financial year 2020-21. This is the second consecutive financial year when the company’s losses have come down. This information has been given in the annual report of the company. The company had a loss of Rs 2,943.32 crore in the financial year 2019-20.
During this period, the company’s total revenue declined by almost 10 per cent to Rs 3,186 crore in the year 2020-21 as compared to Rs 3,540.77 crore in the previous year. A Paytm spokesperson said, “Despite the significant disruption in the business of our business partners due to the pandemic, particularly in the first half of the last fiscal, the impact on our revenues was mild in the second half due to the strong recovery in the situation.”
impact of covid-19 pandemic
It has been said in the report that the COVID-19 epidemic has spread everywhere in India and the world. This has had an impact on economic activity at all levels, both locally and globally. The Indian government has taken a number of measures to contain the spread of the virus and limit the economic impact on corporations and individuals.
The authorized share capital of Paytm is Rs 104.1 crore which is in the form of 10.41 lakh shares of face value of Rs 10 each.
Preparations to bring India’s biggest IPO
Paytm’s board has given in-principle approval to a proposal to raise around Rs 22,000 crore through IPO in the October-December quarter this year. The company aims that in this IPO, the market value of its entire venture will be above Rs 2 lakh crore. This will also give an opportunity to existing investors to sell some of their shares.
This could be one of the biggest IPOs in the country. Among the shareholders of Paytm are Alibaba’s Ant Group (29.71 per cent), SoftBank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent), Vijay Shekhar Sharma (14.67 per cent).
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