Paytm’s parent company One97 Communication posts Rs.813.88 crore revenue for FY2017

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Digital payment service Paytm’s parent company One97 Communications Ltd. has posted revenues of Rs.813.88 crore for the year ended March 31, 2017. In a filing made with the Ministry of Corporate Affairs (MCA), the company disclosed its revenue. However, the company did not provide any information about its profit or loss for the same period. The total net worth of the company till fiscal year 2017 stood at Rs.2,376 crore.

One97 Communication

Paytm witnessed record growth following the demonetisation announcement by the ruling BJP government. Its customer base expanded exponentially following this announcement, and it currently has more than 200 million wallet users in India. One97 Communication is also currently planning to expand its customer base to more than 500 million wallet users by the end of 2020.

Following the demonetisation move, there is a major demand for digital payment services in India. Paytm was able to capitalize on it quickly, and it became India’s largest digital payment wallet. The company reported more than 1,000% increase in its transactions following the demonetisation initiative by the government.

One97 Communication has taken funding from various companies in order to maximize its reach in the Indian market. China’s e-commerce giant Alibaba is one of the prominent investors in the company. As of now, Alibaba and its subsidiary Ant Financial (AliPay) have a combined stake of 40% in Paytm. Most recently (may 2017), the company secured funding from Japan’s SoftBank for about $1.4 billion. This took the company’s valuation to $7 billion. Other companies like SAIF Partners, Mediatek, Sapphire Venture, and Silicon Valley Bank have also invested in Paytm.

Paytm was established in the year 2010 as a mobile recharge and integrated bill payment service. The company entered into the digital wallet space three years ago. Paytm Wallet allows customers to access variety of services including ticket booking, bill payment, money transfer, etc.

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