Losses mount for PhonePe, Paytm as they bid to corner payments market share
Updated : November 01, 2019 06:38 AM IST
Homegrown firms PhonePe and Paytm saw their losses more than double on a year-on-year as they are locked in a bitter battle for market share against India payment units of Google and Amazon.
Flipkart’s payments arm PhonePe has reported a loss of Rs 1,907 crore for fiscal 2019. It is a 141 percent increase compared to Rs 791 crore losses that the platform reported the year before.
Paytm saw its losses spike 165 percent, going from Rs 1,490 crore in March 2018 to Rs 3,959 crore through the same month this year.