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Updated: Thursday, November 18, 2021, 14:14 [IST]

Provided by Deutsche Welle

New Delhi, November 18 At the age of 27, Vijay Shekhar Sharma was earning Rs 10,000 a month. Their marriage was becoming more and more difficult because of that salary. He says, “In 2004-05, my father told me to close my company and get a job if anyone pays 30,000 rupees a month.” In 2010, Sharma founded Paytm, whose IPO opened at 2.5 billion.

Vijay Shekhar Sharma is an engineer. In 2004, he sold mobile content through a small company. He says that when the girl’s people found out about her income, they would deny it. He says, “When the girls found out that I was earning ten thousand rupees a month, they did not talk again. I was left alone with my family.”

$ 2.5 trillion company

Last week, 43-year-old Sharma’s company Paytm raised 2.5 2.5 billion, or about Rs 134 billion, through an initial public offering (IPO). Financial technology company Paytm has now become one of the most popular companies in India and an inspiration for new entrepreneurs.

Sharma, the son of a school teacher father and a housewife, hails from a small town in Uttar Pradesh. In 2017, he became the youngest billionaire in India. But he still likes to drink tea from the roadside car. He often goes to the nearest shop to get milk and bread.

He says that for a long time his parents did not know what their son was doing. He says, “Once my mother read about my property in a Hindi newspaper and asked me if you really have that much money.”

According to Forbes Magazine, Vijay Shekhar Sharma’s net worth is estimated at 2. 2.4 billion, or about 1.25 trillion Indian rupees.

Denomination opened the door for luck

Paytm was started over a decade ago. Back then it was just a mobile recharge company. But when Uber made the company its payment partner in India, Paytm’s fortunes changed. But the tide turned for Paytm in 2016 when India abruptly banned large denomination notes one day and encouraged digital payments.

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After the denomination, Paytm moved from large showrooms to cart-rickshaws. Everyone here started seeing Paytm stickers. Supported by multinational companies such as SoftBank and Berkshire, Paytm is now expanding its reach into other industries. It is selling gold. Making movies, providing plane tickets and bank deposits.

Major international players like Google, Amazon, WhatsApp and Walmart’s PhonePay have now joined the digital payment process launched by Paytm in India. The reason is that this market in India is expected to exceed $ 952 trillion by 2025.

Scared for the first time

Sharma was once afraid of international companies coming to India. He then called on Masayoshi Sun, a billionaire industrialist and founder of Softbank. He would say, “I called Masa and said, ‘Now everyone is here, what’s left for me, what do you think?’

There were early investors in companies like Yahoo and Alibaba, said “raise more money, and get everything you need”. “This is not the primary business for the rest of the companies, Paytm should do its best to make it a paid business,” Sun said.

Sharma, the father of one son, says he has not looked back since. While some market analysts are skeptical that Paytm will be able to make a profit, Sharma has no doubt about the success of his company. In 2017, Paytm launched a payment app in Canada and a year later introduced a mobile wallet in Japan.

“My dream is to fly the Paytm flag to San Francisco, New York, London, Hong Kong and Tokyo. And when people see it, they say it’s an Indian company,” says Sharma.

VK / AA (Reuters)

Source: DW

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paytms Sharma has become a billionaire from an incompetent bachelor

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