Who doesn’t know about Paytm? Your one stop solution of all the payment problem. Want a cashless transaction, what’s better than Paytm? The app allows us the flexibility of doing effortless payments and any time withdrawal. The mobile wallet also provides with Paytm cards which works similar to that of our ATM cards which means one can easily withdraw the money saved in Paytm account. Apart from this, another lucrative thing about this app is that one can earn money from gift vouchers as well. The collaboration with several other apps, makes the flow of money easier for the customers.
Vijay Shekhar Sharma, founded Paytm in August 2010.
But this isn’t as simple as it seems to be as the journey started several years ago. When Vijay moved from his hometown Aligarh to Delhi for higher education. Here he faced a lot of problems because of his inability to speak English language. But being a hard worker, Vijay with the help of books, magazines and some of his college mates mastered the language like no one else. After his English battle. He look up to study at Stanford University but due to lack of financial status, he pulled back.
“Silicon Valley nahi jayenge to apne galli ko Silicon Valley bana denge.” (If I can’t go to the Silicon Valley, I will make my own alley into Silicon Valley). Vijay shared with Yourstory.
Soon he started learning codes all by his own. He started building his own content management system with few of his college mates which soon was used by some of the biggest publication houses such as The Indian Express. But his success was soon to get snatched away. When he received his first funding, he was conned off by his own mates of up to 40% of his total Rs. 8 lakh. He was bankrupted and faced a drastic situation where he used to skip his meals in order to save his money. Things got to change when he build the parent company of Paytm- One97. They started experimenting with three basic elements- content, advertisements and commerce. And that’s how his business started growing. Within the period of few years One97 began raising funds. It was then in 2010, when Vijay introduced his idea of online money wallet. While India’s telecom infrastructure was improving, Vijay’s investors were not confident about the idea of a mobile-first consumer service that would cater to the masses. To their surprise Vijay put forth the sum of 2 million from his own pocket at stake to finally launch the brand. And the rest was history. Paytm turned out to be the most promising initiative in online payments. It’s like your mobile wallet. But gaining this trust from his customers wasn’t an easy task. He has to work hard regarding the same. The company grew when it gave value to its customers in terms of internet wallet services, 24 x 7 customer care services which created trust among the people. The immediate response to the customer complaints made up build the company better. And that was exactly why he built the Paytm for the poor person, a shopkeeper or the auto rickshaw driver those who are not liked or wanted by any financial institution. Do you know Paytm is the sole bank in India which provides zero balance account facility! He gained his funding from Alibaba, SAIF and Aliplay. Vijay don’t consider them as his investors but more like his partners. Maybe that’s why, Paytm today is one of the most successful Indian startup.
The ease we have today in carrying cashless payments is the byproduct of Vijay’s endless efforts and dedication. The success story of Paytm is nothing but the passion and hard work of one man- Vijay Shekhar Sharma. He is a huge inspiration for all the future entrepreneurs.