However, Google Pay’s revenue from operations declined to ₹1,467.36 crore in 2020-21 from ₹1,497.66 crore in 2019-20.
Google India Digital Services, which operates Google Pay in the country, has seen a nearly 62% increase in its net profit to ₹53.22 crore, even as its revenue from operations compared to the previous fiscal year 2020- 21, down 2% to ₹1,497.6 crore. for regulatory documents.
According to a Registrar of Companies filing shared by market intelligence firm Toffler, Google Pay’s revenue from operations declined from ₹1,467.36 crore in 2020-21 to ₹1,497.66 crore in 2019-20.
Its profit after tax increased to ₹53.22 crore in 2020-21, from ₹32.86 crore in 2019-20. The company, which competes with players such as Paytm, PhonePe and Amazon Pay, saw a drop in its spending in 2020-21 to ₹1,402.98 crore, from ₹1,457.63 crore in 2019-20.
“We have noted the Company’s substantial progress and expect continued performance. The outlook remains encouraging and expect continued positive trends in driving the Company’s growth,” the filing said.
When contacted, Google did not respond to emailed queries.
Incorporated in January 2017, Google India Digital Services is established in India to conduct business of any type of electronic payment facilitation mechanism through operation of Google Pay (formerly known as Tez) application.
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