We bring you the weekly dose of important Indian startup news of the week.
This week in the Indian startup ecosystem was mainly revolved around profits and losses. One97 Communications, the parent of digital wallet Paytm, clocked $126 Mn (INR 813.8 Cr) in total revenue for the fiscal year ending in March 2017. As per filings with the Ministry of Corporate Affairs (MCA), the company’s net worth for the year stood at $368 Mn. According to sources, Paytm founder Vijay Shekhar Sharma received a gross salary of $526K (INR 3.4 Cr) last year.
Further, online travel firm MakeMyTrip posted net losses of $62.3 Mn for the quarter ended September 30, 2017. The online travel company had posted a net loss of $39.5 Mn for the corresponding period of the previous financial year. However, the company’s revenue stood at $152.9 Mn for Q2 2017-18, up almost 84% from the $83.1 Mn for the same period a year ago.
Also, Info Edge (India) Ltd posted a 7% increase in operational revenues in the second quarter of FY 2017-18 compared with the same quarter a year ago. As per the company’s latest filings, operational revenues rose to $34.7 Mn (INR 225.2 Cr) in the latest quarter from $32.4 Mn (INR 209.9 Cr) in Q2 2016.
Besides these, FirstCry, saw losses soar to $60.6 Mn (INR 393 Cr) in FY 2017, from $42.7 Mn(INR 277 Cr) in FY 16. The total revenue rose to $36.8 Mn (INR 239 Cr) for the period, from $26.6 Mn(INR 173 Cr) the year before. Logistics startup Rivigo posted a loss of $21.1 Mn (INR 137.1Cr) from a little over $770K (INR 5 Cr) in the previous year. Revenues, however, rose 170% to $61.9 Mn (INR 401.8 Cr) in 2016-17, from $22.9 Mn (INR 148.6 Cr) in the previous year.