Paytm's losses rise by almost 80% on the back of massive expansion plans

The company recently raised close to $356 million from Warren Buffett's Berkshire Hathaway at a valuation of $12 billion

One97 Communications, which owns fintech major Paytm, had an almost 80 per cent increase in its losses during 2017-18, amounting to Rs 16 billion.

This was on the back of massive expansion plans for its payments bank, online marketplace Paytm Mall and a new mutual fund (MF) business, Paytm Money, according to the company’s annual report.

The report also says its founder and chief executive, Vijay Shekhar Sharma, took a pay cut for FY18.  His annual salary went down from Rs 34.7 million in 2016-17 to Rs 30 million for 2017-18, without accounting for stock-based benefits. The report says his salary for