PayPal India reports Rs 260 crore as revenue in Fiscal Year 2018, from Rs 21 crore last year

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PayPal Inc, a U.S. based worldwide online payment merchant, has announced that its Indian business has reported a twelve-fold increased in its revenue in FY18 to Rs 260 crore.

In a report filing at Ministry of Corporate affairs, PayPal said that “It’s Indian subsidiary PayPal India has saw a huge increase in its Indian business, where the company has generated Rs 260 crore as revenue in the Fiscal year 2018, as compared to Rs 20 crore the previous year.”

The company added, “The net profit of the company grew at a modest pace during this period were the company reported nearly to Rs 2 crore as profit from Rs 1.4 crore in the previous year.”

Quoting to the person familiar with this matter, ET reported “As the revenue going up, the company has increased its investments in India across heads including technology augmentation, expansion of headcounts in India and setting up its new office in Mumbai.