In fiscal 2016, for instance, when Paytm parent One97 Communications Ltd posted a loss of ₹1,497 crore, it was valued at ₹30,747 crore or about $5 billion. Three years later, its losses have nearly tripled, with a consolidated loss of ₹4,217.20 crore for the year ended 31 March. In the same period, the Noida-based firm’s valuation tripled to $15 billion.
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