Google India FY18 standalone net up 33%

Google India FY18 standalone net up 33%

Google India posted a 33% increase in its standalone net profit at Rs 407.2 crore for FY18, according to filings with the Registrar of Companies (RoC) and data platform Tofler.

The company’s revenue from operations during the period increased 28% to Rs 9,263 crore, which underlines the company’s firm grip over digital media spends on its search engine.

Though Google has several internet-related products, bulk of (around 70%) of its revenue comes from advertising which comes next to search results.

Google India, which operates a range of products and services, including Gmail and YouTube, besides mobile phone Google Pixel, is believed to be planning to enter the e-commerce segment this
festival season.

The company already has tied up with Flipkart to sell its smart speakers called Google Home. Google Home competes with Amazon’s Echo. Amazon recently launched a new generation of its smart speaker Echo.

In August last year, the technology company rebranded its digital payments app as Google Pay. It was previously known as Tez. In an effort to drive usage, Google tied up with private banks to facilitate pre-approved loans to its customers. Customers are able to get loans from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank.

At the completion of one year of operations of Google Pay in September last year, the company claimed to have enabled over 860 million transactions. At that time Google had said the payment wallet has 25 million active users monthly and 1.2 million businesses in India. Google Tez was launched in September 2017.

Further, Google has invested in two start-ups – fashion based e-commerce portal Fynd and concierge service Dunzo.

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