Over the past decade, the landscape of India’s startup ecosystem has transformed dramatically, giving rise to numerous multinational corporations and visionary entrepreneurs. Among these success stories, one name stands out prominently – Vijay Shekhar Sharma, the mind behind Paytm. As a pioneer of India’s e-wallet ecosystem and cashless economy in India, Sharma’s journey from humble beginnings to heading a billion-dollar company is an inspiring tale of determination, innovation, and revolutionizing the way Indians interact with their money.
From earning meagre Rs 10,000 to becoming one of the richest youngest billionaires in India, Vijay Shekhar Sharma took the path less travelled
Early life
Vijay Shekhar Sharma, the third of Sulom Prakash, a schoolteacher, and Asha Sharma, a housewife, four children, was born on 15 July 1978 in Aligarh, Uttar Pradesh. He attended school in the nearby town of Harduaganj . He started college at the ripe old age of 15 and, by the time he was 19, had earned a Bachelor of Technology in Engineering from what was then called the Delhi College of Engineering but is now called Delhi Technological University.
While most of his classmates were rooting for placements, Vijay had already founded a content management system (CMS) they called XS Communications.
Building One97 communications
In the year 2000, Sharma laid the foundation of One97 Communications, which would later serve as the parent company for his groundbreaking venture, Paytm. At the time, One97 was involved in content distribution through telecom operators, offering a glimpse into Sharma’s foresight and adaptability.
In 2003, facing financial constraints, he co-founded One97 Communications with friends’ aid. To sustain himself and his venture, he worked a separate job, earning Rs. 10,000 monthly. A friend bought 40% of One97 for Rs. 8 lakhs in 2004. Encouraged, he boosted spending by 2007, and by 2008, revenue surged to crores.
Family pressure led him to take a consulting job for survival. Despite a modest life, his sharp mind brewed telecom innovations. Through One97, he reimagined payment methods, introducing Paytm—an accessible mobile wallet by phone or web, minimizing plastic card use, and enhancing lives.
Birth of Paytm: A revolution
It was in 2009 that Paytm was launched, introducing the Indian masses to a revolutionary concept – the e-wallet. Despite family pressure, Sharma’s intellect continued to churn out telecom innovations, eventually leading to the birth of Paytm – a mobile wallet designed to simplify lives by reducing reliance on plastic cards.
Paytm’s success mirrored Sharma’s vision of transforming India’s digital landscape. The company diversified into content, advertising, and commerce, amassing $2 million USD in funding without external capital. This success reverberated across sectors as Paytm supported UPI payments, online shopping, and even pioneered the concept of a zero-balance account through the Paytm Payments bank.
Demonetisation
The pivotal moment that etched Paytm’s name into the minds of every Indian came in 2016 with the government’s demonetization announcement. Amid a cash crunch, Paytm’s swift and reliable digital transactions offered a lifeline. Partnerships with major players like Uber further accelerated its adoption, making it a go-to solution for services ranging from transportation to entertainment.
IPO that surpassed Reliance power
On November 8, 2021, Paytm launched its initial public offering for $2.5 billion. The digital payment company has raised Rs 18,300 billion through its IPO. The share sale issue quantity was reduced from Rs 16,600 crore. In terms of issue size, it surpassed Coal India (IPO of Rs 15,475 crores) and Reliance Power (IPO of Rs 11,700 crores).
Net worth and personal life
He is wed to Mridula Parashar Sharma, with whom he has a child. According to Forbes 2022, his net worth is $1,2 billion.
Awards and recognition
Paytm received multiple awards, including the 2017 Diamond SABRE Award for Company of the Year and Super Achievement in Reputation Management. It also secured the Gold SABRE Award for Financial Professional Services. Founder Vijay Shekhar Sharma gained recognition on Forbes’ Top 40 Under 40 list and was among GQ’s 50 Most Influential Young Indians. He became India’s youngest billionaire in 2017.
