Paytm faces Red Queen test to make its valuation stick

One97 Communications Ltd, the company that owns Paytm, reported a loss of Rs1,534 crore for fiscal year 2016 (FY16), three times that of the previous year, according to a PTI report, citing regulatory filings. That year, founder Vijay Shekhar Sharma sold 1% of his stake in the company for a cool Rs325 crore, thus valuing it above Rs32,000 crore.