Paypal’s India revenue grows, reports Rs 8.13 crore loss

Mumbai: Global payments giant PayPal’s Indian business is rapidly gaining share of the country’s highly-competitive digital payments market even as it faces the same business challenges that the payment players backed by several of its international peers such as Google, Amazon, Alibaba and Walmart have faced over the past few years.
While the company more than doubled its revenue growth to Rs 654.67crore in FY19 as against Rs 261.03 crore the company made in FY18 on the back of partnerships with leading online retailers, losses expanded to Rs 8.13 crore in FY19 from Rs 2.28 crore last year, regulatory filings sourced by ET from Corporate Affairs Ministry showed.
The gross expenditure for the fiscal year came at Rs 660.26 crore up from Rs 260.80 crore in the year ago period, the company’s annual profit and loss statement showed. PayPal refused to comment on the matter.