India's Paytm Dec net loss widens even as revenue jumps

FILE PHOTO: Paytm app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

MUMBAI (Reuters) - 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.

($1 = 74.6055 Indian rupees)

(Reporting by Rajendra Jadhav; Editing by Louise Heavens)

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