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One97 Communications Ltd, the parent of mobile payments company Paytm, may see its losses more than double in the year starting 1 April, according to its estimates.

Paytm expects its loss to surging to around ₹2,100 crore for the year ending 31 March 2020 from an estimated ₹870 crore in the current fiscal, according to a confidential report prepared by investment bank Corporate Professionals Capital Pvt. Ltd for Paytm. Mint has reviewed a copy of the report.

The company may, however, report its first profit of ₹207.61 crore in the fiscal year 2021, the report predicted. Eventually, One97 Communications may report a profit of around ₹8,512.69 crore by fiscal 2026. A One97 spokesman declined to comment on the story. Paytm’s growing losses were attributed to the parent’s emphasis on aggressive expansion to take on bigger rivals in the e-commerce space such as Amazon and Walmart-Flipkart.

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Source: Livemint

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