One97 Communications Ltd, the company that owns Paytm, reported a revenue of Rs 813.88 crore for the financial year 2016-17, as India's largest digital payment company tapped more users to transact on its platform after the government's decision to demonetise high-value currency in November last year.
The net worth of the company stood at Rs 2,376.6 crore, according to regulatory filings sourced from business information platform Tofler. Paytm did not disclose whether it made a profit or loss during the financial year. It also did not give revenue comparison for the previous year.
Paytm emerged as the distinct winner in the wallet space after its founder Vijay Shekhar Sharma capitalised on the Prime Minister Narendra Modi's November 8 announcement to remove Rs 500 and Rs 1000 notes from circulation. The platform became the de facto digital wallet for thousands of traders and millions of users across the country as cash became scarce and they were forced to transact digitally. By March, it had 218 million wallet users.
The massive adoption also helped Alibaba backed Paytm to raise fresh funds of $1.4 billion from Japanese investor Softbank at valuation of over $7 billion.
One97 had reported losses of Rs 1,534 crore in financial year 2016, a threefold increase over the previous year, but did not disclose revenue. In financial year 2015, it had losses of Rs 372 crore on revenue of Rs 336 crore.