Startup Success Story of Paytm | Vijay Shekhar Sharma

This is a story about the journey of India’s second-youngest billionaire – Vijay Shekhar Sharma, and his brainchild, Paytm that revolutionised digital payments and financial services in India

Imagine a scenario where you have set out for a morning run and thirsting for a bottle of water, then you realize that you’ve forgot to carry your wallet along with you. But that’s hardly an issue when you’re carrying your phone and Paytm is all set to remind you “Paytm karo“.

The convenience to carry and do an online payment is the core reason that helped in widespread of applications like paytm.

Back in 2017 when Vijay Shekhar Sharma, son of a school teacher was named as the youngest billionaire in India, this become an inspiration for many new entrepreneurs.

But, have you wondered how he succeeded?

How Vijay Shekhar turned the winds in his direction and brought a notable shift in the online payment industry of India? Let’s find out!

Over the last decade, the Indian startup ecosystem has witnessed a burgeoning number of many multinational companies (MNCs) and entrepreneurs, both in terms of their growth and net worth. If you have been an observer of Indian startups over the last half a decade, the success story of Paytm and its successful CEO – Vijay Shekhar Sharma, is not something you would have missed noticing. Paytm is regarded as a pioneer of the e-wallet ecosystem in India, and it still continues to rule the roost despite some stiff competition from other e-wallets that emerged after Paytm.

The success story of Vijay Shekhar Sharma – the Paytm CEO, is closely tied with Paytm’ success story, so much so that he is the second-youngest billionaire in India today with a net worth of 2.35 billion USD, as per the Forbes 2020 list of 100 richest Indians. Let’s get a peek into Vijay Shekhar Sharma’s early life, education, and passionate struggle to realise his dream – Paytm.

Initial Days and Education of Vijay Shekhar Sharma

Vijay Shekhar Sharma came from a humble middle-class family that placed high importance on education. He was born into an underdeveloped community in the peaceful town of Aligarh, which is located in Uttar Pradesh, the most populous state in India. Additionally, Mr. Sharma’s father was a teacher, which had a significant impact on his ability to be brilliant.

He completed his entire education in the Hindi language, and he confidently and rapidly overcame the obstacle of his lack of fundamental English language abilities to gain entrance to college. Mr. Sharma gained admission to a prominent engineering college in Delhi thanks to his impeccable English skills. The Paytm CEO’s life appears to have taken a dramatic turn. He quickly transitioned from being an intelligent student to one with failing grades. His interest in entrepreneurship also started to grow around this period.

Driven by Stories of Successful Entrepreneurship

While pursuing his engineering degree in the 1990s, Vijay Shekhar Sharma’s interest in entrepreneurship began by learning about the success stories of mega-brands like Apple, HP, Intel that went on to become the biggest names in the startup ecosystem. He realised that the success stories of all these firms emerged from the Silicon Valley in the US – the startup factory of the time. Mr. Sharma dreamt of being part of Silicon Valley, but with a grave dearth of resources, he soon realised that he needed to create one such ecosystem in India.

Journey of Entrepreneurship – Struggles and Opportunities

Along with a few of his college mates, he started to build his own content management company called Xs! Corporation, – a web portal and a search engine that offered internet-based services, including web directories. The company was engaged by some of the reputed newspaper outlets in India like The Indian Express. The company was doing well and managed to generate a turnover of Rs. 50 Lakhs between Feb-May 1999. He later sold off the company for half a million dollars and shared it equally between four of his partners.

This was also the time when he finished college and bagged his first job with an MNC, only to quit after six months. He decided to take the road less travelled.

Vijaya Shekhar Sharma‘s success story is one of tenacity, fortitude, adversity, and clever work, all of which have also paved the road for Paytm’s success story. Paytm is a platform for payments, lending, and other financial services. In addition, it supports the sale of everything from air purifiers to train tickets and provides an online gaming environment. The organization has undoubtedly done everything possible to succeed. The road to success for Paytm has not been without obstacles.

Paytm was launched by Vijay Shekhar Sharma in 2010 as a prepaid mobile recharge facility, and later in 2014, the Paytm wallet was launched. Aimed at a cashless and digital economy, Paytm tasted success during post demonetisation in 2016 when Rs. 500 and Rs. 1000 notes were disbanded.

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