One97 Communication Posts $ 126 Million In Revenue

One97 Communication, the parent company of Paytm, India’s fastest growing digital wallet, posted a total revenue of $ 126 million for the fiscal year 2016 – 2017. The net worth of the company also scaled new heights to reach Rs. 2,376.6 crores.

After recording a loss of Rs. 13.63 crores in the financial year 2015 – 2016, with a total revenue of Rs. 7.34 crores, the company gained more customers in November last year following Demonetization. Paytm became the de facto digital wallet for thousands of traders and users.

Founded by Vijay Shekhar Sharma in 2010, Paytm was one of the first digital wallets to be launched in India. In August 2016, the company also incorporated Paytm Payments Bank and formally launched its operations in May 2017. In an attempt to capture the lucrative ecommerce market in India, One97 Communications also launched the consumer shopping app Paytm Mall in February this year.

Backed by China’s largest ecommerce site Alibaba and Japanese major SoftBank, the company claims to have over 218 million customers in India and a few other parts of the world. In a Facebook post, Vijay Shekhar Sharma added, the company would try to increase their customer count to 50 crores by the end of 2020.

The digital payments company earns most of its revenue through its mobile wallet and ecommerce business. During the recent festive season sale, Paytm Mall also chalked out an aggressive budget of Rs. 1,000 crores, including Rs. 501 crores cashback offers. Paytm, Snapdeal and ShopClues, together, managed to capture close to 16% of the market share. The company also witnessed a 65% rise in offline payments resulting in transactions worth $ 1.6 billion. Vijay Shekhar Sharma was also featured in the 6th “Hurun India Rich List 2017,” along with Flipkart founders Binny Bansal and Sachin Bansal. Sources claim, the founder of Paytm, the biggest digital wallet, received a salary of Rs. 3.4 crores last year.

Watch the inspiring journey of Vijay Shekhar Sharma from Aligarh, Uttar Pradesh to becoming one of the most influential entrepreneurs of this generation.