Paytm E-commerce reported a loss of Rs 13.63 crore for the year ended March 31, 2017, according to the data available with Registrar of Companies (RoC).
Paytm E-commerce popularly known as Paytm Mall is owned by the parent company One97 Communications, which also runs the Paytm payments app.
The Alibaba-backed company, which runs the online retail platform Paytm Mall, clocked Rs 7.3 crore in revenues with a loss of Rs 13.6 crore between August 2016 and March 2017.
According to company financials — the Alibaba-backed company clocked sales worth Rs 7.3 crore between August 2016 and March 2017. Earlier in 2017, the Chinese e-commerce giant Alibaba led a $200-million funding round for Paytm Ecommerce.
"These are the initial years for Paytm Mall and we have a long-term perspective on building a successful tech business," a Paytm Mall spokesperson told Mint in an emailed response to queries.
For the past six months, the company is aggressively spending on marketing to consolidate its position in e-commerce space, where Flipkart and Amazon are leading currently. Last month, the company launched its maiden festival sales event, where it had committed to spend over Rs 500 crore on discount and cashback offers.
While the company's online marketplace business was separated into two units, One97 still continues to own 49 percent stake in payments bank unit where rest of the stake is held by founder Vijay Shekhar Sharma, according to a report by the Economic Times.
"We will help customers receive the same trusted retail experience synonymous with our brand and act as a technology enabler for the country's massive offline retailer community. We will achieve this with our first-of-its-kind online-to-offline (O2O) model that allows us to ensure a seamless experience across offline and online," the spokesperson said.
According to a Mint report, besides expanding the company's QR code capabilities to its merchant network, Paytm Mall adopted a unique strategy where the platform offers customers offline-to-online experience.
