(Bloomberg) -- One97 Communications Ltd., the entity that operates leading digital payments service Paytm, said its losses widened last quarter as the newly-listed company struggled to make money off payment transactions.

The company reported a loss of 4.74 billion rupees ($63 million) in the quarter ended September from 4.36 billion rupees in the same period a year ago. It’s the first earnings report since Paytm pulled off India’s biggest IPO just days ago. 

Total income rose to 11.3 billion rupees last quarter, from 7.6 billion rupees a year ago. Revenues rose over 60%, while total expenses jumped to nearly 16 billion rupees from 11.7 billion rupees a year ago, the company said.

Investors will scrutinize the numbers for clues as to whether the fintech giant deserves its valuation. Paytm tumbled more than 35% over its first two days of trading, making it among the worst initial showings by a major technology company since the dot-com bubble era of the late 1990s.

BlackRock, Canada Pension Bought More Paytm Stock After Rout

©2021 Bloomberg L.P.