One97 Communications
Indian technology company that operates Paytm and provides digital payments, merchant services, financial technology and related consumer platforms.
Last updated August 21, 2026
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Overview
One97 Communications Limited is an Indian technology company headquartered in Noida, Uttar Pradesh. Founded in 2000 by Vijay Shekhar Sharma, the company initially developed mobile value-added services, advertising and marketing products before building its best-known business, Paytm. Paytm was launched in 2009 as a mobile payments service and later expanded into a broad consumer and merchant platform covering digital wallets, payment gateways, merchant acceptance, bill payments, ticketing, travel, insurance distribution, investment products and credit-related services. The company’s growth was closely connected to the expansion of smartphones, mobile internet and digital payments in India. Its merchant-facing activities include payment acceptance, QR-based payments, payment processing, settlements, marketing tools and other services for businesses. Its consumer businesses have included Paytm Wallet, Paytm Postpaid, Paytm Money, Paytm Travel, Paytm Insider, Paytm First Games and insurance-related offerings. Some services have been conducted through subsidiaries or separately regulated entities rather than directly through the parent company. One97 expanded through partnerships and acquisitions. It acquired MobiVite, a mobile marketing platform, in 2012 and Plustx, a cross-messaging platform, in 2013. Paytm Money was incorporated in 2017 and launched in 2018 as an investment platform, subsequently adding services associated with equities, mutual funds, exchange-traded funds, initial public offerings, derivatives and fixed-income products. Paytm Travel began with railway-ticketing services and later added bus, flight and hotel bookings. In 2019, the travel business acquired NightStay, a last-minute hotel-booking platform. The company attracted substantial investment from technology, financial and institutional investors, including Sapphire Ventures, Ant Financial, SoftBank-related funds, Berkshire Hathaway and T. Rowe Price. Ant Financial acquired a significant minority interest in 2015, while SoftBank became a major investor in 2017. These funding rounds supported the expansion of Paytm’s payments, commerce and financial-services ecosystem. One97 Communications became a public company in November 2021. Its initial public offering was marketed as the largest in India at the time, and its shares began trading on the National Stock Exchange of India and the Bombay Stock Exchange on 8 November 2021. The stock’s weak performance after listing generated criticism regarding valuation, profitability and the economics of the digital-payments model. The company has continued to operate as a publicly listed Paytm-focused technology and financial-services group, while its regulated businesses remain subject to oversight by Indian financial authorities.
History
One97 Communications was established in New Delhi in 2000 by Vijay Shekhar Sharma. Its early activities centered on mobile value-added services, including content, communications and marketing products. The company received recognition in India’s technology and telecommunications sectors before shifting toward digital payments. In 2009, One97 launched Paytm as a platform intended to make mobile and online payments easier. The service benefited from growing smartphone adoption and the increasing digitization of commerce in India. Over time, Paytm developed from a recharge and wallet product into a larger payments ecosystem serving consumers, merchants and online businesses. Its merchant products included QR-based acceptance, payment gateways, settlement services, advertising and other business tools. One97 pursued acquisitions and external financing as it broadened its technology base. MobiVite, a mobile-marketing platform, was acquired in 2012, followed by Plustx, a cross-messaging platform, in 2013. The company also attracted investment from Sapphire Ventures, Ant Financial, SoftBank-related funds, Berkshire Hathaway and other institutional investors. Ant Financial’s investment in 2015 and SoftBank’s later investment were particularly important in financing the expansion of Paytm’s consumer and financial-services businesses. The Paytm ecosystem expanded beyond payments during the second half of the 2010s. Paytm Payments Bank was established as a regulated payments-bank business, while Paytm Money was incorporated in 2017 and launched in 2018. Paytm Money began with direct mutual-fund investing and later added stock broking, initial public offerings, exchange-traded funds, retirement products, derivatives and fixed-income offerings. Other businesses included insurance distribution, Paytm Postpaid, Paytm for Business, Paytm Insider and Paytm First Games. Paytm Travel developed from railway-ticket booking and bus-ticket aggregation into a broader travel marketplace. It added flights and hotels, and acquired NightStay in 2019 to strengthen its hotel-booking activity. In the 2020s, the division sought wider international inventory through partnerships with travel-search and hotel platforms. One97 first considered a public offering in 2010 but postponed the plan amid unfavorable market conditions. It filed an updated draft prospectus in July 2021 and proceeded with an offering later that year. The IPO raised substantial attention because of its size and because it represented one of the most prominent public-market tests of India’s venture-backed fintech sector. One97 Communications began trading in Mumbai on 8 November 2021 under the ticker PAYTM. The listing was followed by a substantial decline in the share price, leading to criticism of the company’s valuation and the economics of its payments-led model. One97 has nevertheless remained an operating technology and financial-services group, with its businesses shaped by competition, consumer adoption, profitability requirements and regulation of payments, lending, investment and banking-related activities.
- 2023
Paytm Money adds bond investing
[1]Paytm Money introduced a platform for bond investments and reported profitability for fiscal year 2022–23 in reference coverage.
- 2021
Public listing
[1]One97 Communications listed on the National Stock Exchange of India and the Bombay Stock Exchange on 8 November 2021.
- 2019
NightStay acquired
[1]Paytm Travel acquired NightStay, a last-minute hotel-booking platform, to strengthen its hospitality offering.
- 2018
Paytm Money launches
[1]Paytm Money began operations with direct mutual-fund investment services.
- 2017
Paytm Money incorporated
[1]One97 incorporated Paytm Money as a wholly owned investment-technology subsidiary.
- 2015
Ant Financial takes a significant stake
[1]Ant Financial Services Group acquired a reported 25 percent interest in One97 Communications, deepening the company’s connection to global digital-payments capital.
- 2013
Plustx acquired
[1]The company acquired Plustx, a cross-messaging platform.
- 2012
MobiVite acquired
[1]One97 acquired MobiVite, a mobile-marketing platform.
- 2009
Paytm launched
[1]One97 launched Paytm as a digital-payments platform, initially associated with mobile recharges and cashless transactions.
- 2000
One97 Communications founded
[1]Vijay Shekhar Sharma founded One97 Communications in New Delhi, initially focusing on mobile value-added services and related technology products.
Products and positioning
An Indian digital-platform and fintech group combining consumer payments, merchant infrastructure and adjacent financial and commerce services under the Paytm ecosystem.
Digital payments platform · 2009
Paytm
Paytm is One97’s principal consumer-facing platform. It has evolved from mobile recharge and wallet functionality into a broad digital-payments application supporting consumer transactions, bill payments, merchant payments and access to adjacent financial and commerce services. The platform’s role has been to connect consumers, merchants and One97’s wider set of Paytm-branded businesses.
Digital wallet · 2009
Paytm Wallet
Paytm Wallet is a stored-value digital-wallet service associated with the Paytm ecosystem. It was designed to support cashless consumer payments and online transactions, particularly during the early expansion of mobile commerce in India. Its operation is subject to the regulatory framework applicable to payment instruments and related financial services.
Merchant services
Paytm for Business
Paytm for Business provides tools for merchants to accept digital payments and manage associated transaction activity. The offering has included QR-based payment acceptance, payment collection, settlements, merchant communication and business-facing services. It forms a core part of One97’s two-sided payments strategy by expanding the network of businesses that can accept Paytm transactions.
Payment infrastructure
Paytm Payment Gateway
Paytm Payment Gateway supplies online businesses with infrastructure for accepting and processing digital payments. It is intended for merchants and internet companies that need checkout, payment-method integration and transaction-processing capabilities. The gateway complements Paytm’s consumer application and its offline merchant-acquiring activities.
Payments banking · 2017
Paytm Payments Bank
Paytm Payments Bank was established as a payments-bank business associated with the Paytm ecosystem. Payments banks operate under a specialized Indian regulatory model and are distinct from full-service commercial banks. The business has provided deposit, payments and account-related services within the limits of that framework.
Wealth technology and stock broking · 2018
Paytm Money
Paytm Money is One97’s investment and wealth-technology platform. It launched with direct mutual-fund investing and later expanded into equities, exchange-traded funds, initial public offerings, retirement products, derivatives and fixed-income investments. The service targets retail investors through a digital interface and operates within India’s securities-market regulatory environment.
Online travel marketplace · 2015
Paytm Travel
Paytm Travel is the group’s online travel-booking division. It has offered railway, bus, flight and hotel reservations, including domestic and international booking options. The division began with railway-ticket activity and bus-ticket aggregation before expanding into broader travel inventory and hospitality through partnerships and the acquisition of NightStay.
Events and entertainment marketplace
Paytm Insider
Paytm Insider is an event and entertainment-ticketing platform within the Paytm ecosystem. It connects consumers with tickets and information for selected live events, entertainment activities and experiences. Its role extends One97’s marketplace presence beyond financial transactions into discretionary consumer spending.
Consumer credit
Paytm Postpaid
Paytm Postpaid is a pay-later and consumer-credit offering associated with the Paytm platform. It enables eligible users to defer payment for qualifying purchases or services, subject to applicable underwriting, partner and regulatory arrangements. The product represents One97’s expansion from payments into credit-linked financial services.
Brand decisions
2024
Expansion of international travel inventoryStrategyBackground
Paytm Travel sought to improve its international flight and hotel selection as competition intensified among online travel marketplaces.
Action taken
The division announced relationships with travel aggregators including Skyscanner, Google Flights and Wego, and later partnered with Agoda for hotel-booking options.
Aftermath
The partnerships were intended to widen the range of international travel products available through Paytm Travel.
2021
Completion of public-market listingOtherBackground
After postponing an earlier listing plan, One97 filed an IPO prospectus in July 2021 during a period of strong investor interest in Indian technology companies.
Action taken
One97 Communications completed its IPO and began trading on Indian stock exchanges on 8 November 2021 under the ticker PAYTM.
Aftermath
The shares declined sharply after listing, generating debate over valuation, profitability and the economics of digital payments.
2017
Expansion into investment technologyStrategyBackground
One97 sought to broaden Paytm beyond payments by creating a digital investment platform for retail users.
Action taken
The company incorporated Paytm Money as a wholly owned subsidiary; the service launched in 2018 with direct mutual-fund investing.
Aftermath
Paytm Money subsequently added securities, retirement, derivatives, IPO, ETF and fixed-income capabilities.
2010
Postponement of an initial public offeringStrategyBackground
One97 had considered launching an IPO in 2010, but reference coverage states that the company withdrew the plan at the last moment because of volatile market conditions.
Action taken
The company postponed the listing and continued operating as a privately funded technology business.
Aftermath
One97 returned to the public markets more than a decade later, completing its listing in November 2021.
Recent events
One97 Communications appoints Madhur Deora as CFO[3]
Reported:
One97 Communications’ board approved Madhur Deora’s appointment as Chief Financial Officer and Key Managerial Personnel, effective January 1, 2022.
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