Paytm parent reports Rs 814 crore revenue for 2016-17
Photo Credit: Shah Junaid/VCCircle

One97 Communications Ltd, which owns India’s largest digital payments company Paytm, has reported revenues of Rs 813.88 crore for 2016-17. Its net worth stood at Rs 2,376 crore.

The company, however, did not disclose its net profit or loss figures for the fiscal year.

Paytm has been one of the biggest beneficiaries of the Narendra Modi-led central government’s move to withdraw Rs 500 and Rs 1,000 currency notes from circulation, besides its push for a less-cash digital economy. In fact, the company has reported a 700% surge in traffic, and 1,000% growth in transaction volumes post demonetisation.

At present, Paytm claims over 218 million active wallet users on its platform.

The surge in traffic, also helped the Alibaba-backed company raise $1.4 billion (Rs 9,000 crore) from Japan’s SoftBank Group Corp in the largest funding round from a single investor in the country.

The company had reported losses of Rs 1,534 crore for 2015-16, or a threefold increase from Rs 337.5 crore reported in the previous fiscal year.

According to the filings with the registrar of companies, Paytm founder Vijay Shekhar Sharma took home Rs 3.4 crore for the financial year, while its chief operating officer Amit Sinha’s compensation stood at Rs 3.8 crore. Sinha, who has 7,986 shares to his name, drew a basic salary of Rs 1.06 crore, and Rs 2.77 crore under others head.

Besides, the company had recently appointed former ICICI Bank executive Sudhanshu Jain as the chief financial officer of Paytm Payments Bank.

Subsequently, One97 Communications underwent a restructuring to incorporate Paytm Payments Bank Ltd as a different entity. On February 5, the company sent out a notice saying its wallet business, Paytm Wallets, would be integrated with the newly-formed Paytm Payments Bank. The group’s e-commerce business, Paytm Mall, remains a part of One97 Communications.

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