One 97 Communications, parent company of Paytm, hiked its marketing and promotional expenses significantly in the fiscal year FY23. It recorded Rs 1,069 crore in advertising and promotional activities in the last fiscal year, about 25 percent more than the previous year (Rs 855 Cr) and about two-fold compared to FY21 (Rs 532 Cr), as per company reports.
Its revenue from operations in the last fiscal was recorded to be Rs 7,990 crore, up from Rs 4,974 crore in FY22. However, its expenses shot up to Rs 10,000 crore in the fiscal from Rs 7,600 crore a year before.
However, the company was able to bring down its losses to Rs 1,775 crore in the fiscal from Rs 2,396 crore.
One 97 Communications is in the business of providing payment and financial services which primarily includes payment facilitator services, facilitation of consumer and merchant lending to consumers and merchants, wealth management etc.
It also provides commerce and cloud services which primarily consists of aggregators for digital products, ticketing business, providing voice and messaging platforms to the telecom operators and enterprise customers and other businesses, etc.