Vijay Shekhar Sharma founded Paytm, a Fintech Platform, in 2010. Paytm has gone from a digital payment leader to a gaming, investment, e-commerce, education, and banking behemoth.
AASHISH KUMAR JHA | May 2, 2023 |
From Rs 10000 per month to Rs 4 Crore Annually, The Inspiring Journey of Paytm Founder Vijay Shekhar Sharma, who Changed India’s Fintech Sector
Vijay Shekhar Sharma: Vijay Shekhar Sharma is one of the most prominent entrepreneurs in India. He is the founder of Paytm, a digital payments company that has revolutionized the way people transact online in India. The story of Vijay Shekhar Sharma is one of perseverance, determination, and hard work. Born in Aligarh, a small town in Uttar Pradesh, India, Vijay Shekhar Sharma’s journey from earning a meager salary of 10,000 rupees to building a business worth billions is an inspiration to many.
If you live in India or are familiar with the Indian startup setting, you would have probably heard about Paytm. It was one of the original e-wallets and is now regarded as the Indian startup system’s representation in the e-wallet circuit. When the country was adjusting to the challenges caused by demonetization, including forming long lineups of people outside banks and ATMs, online transactions became a solution. The government took advantage of this chance to encourage digital bonding. As a result, Paytm became an option for everyone. This article is about the rags-to-riches tale of Vijay Shekhar Sharma, the man behind Paytm.
Vijay Shekhar Sharma was born in 1978 in Aligarh, Uttar Pradesh. He is the third child of Sulom Prakash and Asha Sharma 4 kids. His father was a schoolteacher, and his mother was a homemaker. Vijay’s early childhood was marked by financial struggles. His father’s income was not enough to support the family, and they often had to make do with very little. However, Vijay’s parents were determined to provide their children with a good education. Vijay completed his schooling in Hindi Medium. Later on, He went on to pursue a BTech degree from the prestigious Delhi Technological University (formerly Delhi College of Engineering). He enrolled in Delhi Technological University when he was just 15 years old. He is married to Mridula Parashar and has a son named Vivaan Sharma.
Vijay was a bright student and excelled in academics. However, he was always interested in entrepreneurship. In 1997, while studying for his B.Tech 2nd Year, Vijay Shekhar Sharma made the decision to launch a company with his friend Harinder Takhar. Both of them wanted to develop search engines and they managed to create a dot-com company/website called indiasite.net. In 1999, after two years, he sold the website for 1 Million Dollars to US company Lotus Interworks. During this period he also developed electronic itineraries for Jet Airways and another website for the Tourism Department of India.
After quickly identifying the limitless possibilities of internet-based material, Vijay Shekhar Sharma established One97 Communications, a website that supplied information, on cricket ratings, ringtones, jokes, and test scores in the year 2000. Vijay ran out of money in 2003 after he founded One97 Communications with the help of a few friends. Regardless, he chose to work in order to support himself and his business. He was able to earn Rs. 10,000 each month. In 2004, one of his friends agreed to buy 40% of One97 for Rs 8 lakhs. As a result, Vijay Shekhar Sharma was motivated to push for increased spending by 2007, and by 2008, earnings had reached crores.
In 2010, he realized that the freshly deployed 3G network in India would have a big impact on the landscape of Indian IT-based firms. He spotted an opportunity and worked hard to build Paytm, a financial technology startup. Drawing up inspiration, he developed Paytm, the platform that aimed to resolve the issues of the poor and economically backward sections of society. The platform was built for common people like a shopkeeper or auto-rickshaw driver who is never respected or liked by any financial institution. PayTM gained popularity among Indians who were looking for an easy and secure way to transact online. The platform’s success was further boosted by the Indian government’s demonetization drive in 2016, which led to a surge in demand for digital payments.
The platform has come to be associated with the emergence of e-wallets in the country. Paytm Payments Bank is the first platform to provide a zero-balance account option. This platform also supports UPI payments and shopping. Paytm as a brand is growing in the modern era of e-commerce. Some of the major milestones in the success story of Paytm are listed below:
The platform has come to be associated with the emergence of e-wallets in the country. Paytm Payments Bank is the first platform to provide a zero-balance account option. This platform also supports UPI payments and shopping. Paytm as a brand is growing in the modern era of e-commerce. Today, PayTM is one of the largest digital payments companies in India, with millions of users. The company has diversified into various businesses, including e-commerce, wealth management, and insurance. Paytm’s monthly average monthly transacting users crossed 9 crores in the quarter ending March 2023. The company is currently valued at around 16 Billion Dollars (approx 1.3 lakh crores) as of September 2022.
Vijay Shekhar Sharma, one of India’s most successful entrepreneurs, rose from buying used technology magazines to becoming the cover boy for some of the world’s most prestigious magazines. According to reports, Vijay Shekhar Sharma is paid a yearly salary of Rs. 4 crore. His pay will be revised after the next three years. Vijay Shekhar Sharma’s success can be attributed to his never-say-die attitude and his willingness to take risks. He has often spoken about the importance of perseverance and the need to keep trying, even in the face of failure. Some of the awards and recognitions awarded to Vijay Shekhar Sharma are mentioned herein:
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