The success story of Vijay Shekhar Sharma and his successful startup Paytm
Updated: Sep 23, 2021
Vijay always wanted to be a free-flying bird; he never wanted to be a horse who had to gallop the same track over and over! As a result, he resigned his position at One97 Communications in 2001 to pursue his goal and founded a company based on the same philosophical concept as Yahoo! During his first term, he discovered that cash flow is more important than profitability!
This was due to the fact that he was a victim of a cash flow crisis, as his clients never paid him on time. As a result, in order to move forward, he sold 40 percent of the company to his angel investor at the time for Rs 8 lakh. Vijay was in a hurry because his sister's wedding was approaching, and he wanted to make sure she got married. The family had a major dilemma when his father was denied a loan of Rs. 2 lakhs despite being clean on the loan defaulter's list! As a result of his motivation, he created Paytm, a platform that addressed the problems of the underprivileged and economically disadvantaged. The platform was designed for an unrespected merchant or auto-rickshaw driver.
The platform has become synonymous with the country's e-wallet boom. The Paytm Payments Bank is the first platform to provide a zero-balance account option. This platform also allows users to make UPI payments and shop. In the present era of e-commerce, Paytm as a brand continues to grow.
Vijay has become the face of India's economically disadvantaged population. Despite hailing from a financially challenged household, he was able to overcome obstacles and strive for the welfare of society. Vijay is without a doubt one of the most well-known names in the Indian startup scene!
Many incredible stories have emerged from India's startup scene. The expansion of many international corporations has increased the ecosystem's worth and value as a place where everyone may shine and rise. With the beginning of a new era approaching, it's time to take a look at one of the most successful entrepreneurs in the world, Vijay Shekhar Sharma. If you live in India or have kept up with the Indian startup scene, you've probably heard about Paytm.
It was one of the first e-wallets, and it is now the e-wallet circuit's representation of the Indian startup system. Vijay has witnessed firsthand the hardships that the country's poor face. His classmates couldn't afford a pair of slippers when he was a 12-year-old youngster who used to wear a chappal to school. He penned a poem after observing this, expressing his uncertainty at life's injustices.
Vijay was one of just two people from his village to pursue an engineering degree. Vijay graduated from the famous Delhi Institute of Technology with a bachelor's degree in engineering. According to Vijay, students who attended a Hindi-Medium school faced numerous challenges. A child reading in a Hindi-medium school in the 1990s has very limited access to books and coaching! As a result, Vijay recognized he was on his own in his quest for achievement.
Converting Obstacles into Opportunities by Vijay Shekhar Sharma
Vijay's life changed when he went to the market on a Sunday and picked up a Forbes magazine. He learned about the success stories of mega-brands such as Apple, Intel, and HP, and how they rose to become some of the most well-known names in the startup world. Each of the businesses had one thing in common: they were all constructed from basement garages! Vijay then expressed an interest in visiting Silicon Valley. That, however, was never possible due to a lack of funds and resources. Despite giving up, he told Vijay that even if he couldn't go to Silicon Valley, he could build one in India!
As a result, in 1997, while still in college, he founded an online startup with his friend Hari. Both of them wanted to create search engines, and they realized that the search engine would become the major draw at the moment because the internet was making huge advancements in the technology world. His parents insisted that he get a respectable career, but his unwavering commitment to starting a new business never enabled him to stay in typical employment for long!