How did Vijay Shekhar Sharma’s upbringing shape his entrepreneurial journey?
What are the different services provided by Paytm?
What are some notable achievements and awards earned by Vijay Shekhar Sharma throughout his career?
If you are an Indian and take a deep interest in the business world, you must have heard about Vijay Shekhar Sharma, the man behind one of the very popular Indian multinational financial technology companies, Paytm.
Within the ever-changing backdrop of India’s digital economy, Paytm is a stellar example of financial inclusion and innovation. Started by Vijay Shekhar Sharma in 2010, Paytm represents India’s transition to a cashless society. Paytm’s influence was most noticeable in the historic demonetisation of 2016, which helped it reach unprecedented heights. In the fintech sector, Paytm is a pioneer that facilitates 25 million transactions daily with a phenomenal 400 million users.
Let’s dive into the life of the man who incepted Paytm, Vijay Shekhar Sharma.
Who is Vijay Shekhar Sharma?
A pioneer in India’s tech, Vijay Shekhar Sharma represents the potential of the vision and spirit of entrepreneurship. He was born on 8th July 1978 in Aligarh and was the son of a schoolteacher. Vijay Sharma was the third child in a middle family of four. He was affected by the harsh economic disparity from a very young age. He founded Patym in 2010 with only 10 rupees in his pocket. And as we all know, Paytm has completely changed the landscape of digital banking in India.
If we talk about his personal interests, Vijay admits he is not the World’s best dancer, but he can’t resist hitting the dance floor when his favourite tunes come out. He is a fan of everything from Indian Classical, Sufi, Hindi, and Punjabi, and he is a big fan of Elton John’s Rocket Hour on Apple Music. He was a brilliant student and demonstrated academic excellence, which helped him gain admission to the Delhi College of Engineering (now Delhi Technological University).
|VIJAY SHEKHAR SHARMA
|8 July 1978 Aligarh, Uttar Pradesh, India
|B.Tech from Delhi College of Engineering (Currently, Delhi Technological University)
|$1.2 Billion (2022)
Entrepreneurial Journey of Vijay Shekhar Sharma
Vijay started his entrepreneurial journey by creating the website indiasite.net in 1997. After two years, he sold the website for $ 1 million. As his passion for entrepreneurship increased, the American web services provider Yahoo inspired him, and he learned to code by himself. It helped him and his college mates to build XS Communications company, which created content management systems.
Many reputed publications, such as The Indian Express, used his company’s content. Vijay struggled with the harsh realities of unpaid bills and cash flow problems. He established One97 Communication in 2000, intending to develop an SMS-accessible web directory. The business also provided several value-added services, such as songs, live astrology, and cricket updates.
It was in 2010 when he pitched the idea of entering the payment ecosystem in front of the board. After convincing the board, he launched Paytm in 2010. It offers services for bill payments, recharges, booking movie tickets, and sending money to retailers or persons.
What is the current net worth of Vijay Shekhar Sharma?
Vijay Shekhar Sharma’s net worth is around $1.1 billion, as of September 2022.
The Foray Of Paytm Into Digital Payments
Under Vijay’s leadership, Paytm quickly transformed from a distributor of mobile entertainment to a pioneer in digital payments in India. The company’s mission is “Bringing half a billion Indians to the mainstream economy.” Paytm is India’s largest financial firm offering online payments and financial solutions to its customers, retailers, and service partners.
The company has grown multi-fold since its inception and has subsidiaries such as Paytm Money, Paytm Mall, Paytm Labs, and Paytm Entertainment. Paytm aims to bring 500 million Indians into the mainstream economy. In 2018, Warren Buffett invested a massive $300 million in Paytm, giving it a much-needed boost to achieve new heights.
Unknown Facts About Vijay Shekhar Sharma
Vijay Shekhar Sharma has an exceptional talent for predicting trends, as he was able to catch on to the trends of bill payments going online. It motivated him to start Paytm in 2010, and today, the app has an average monthly user of 90 million. He is also a self-styled hippy who litters his sentences with references to Pink Floyd, loves vegetarian cuisine and is passionate about driving but hates cars.
Vijay is also the UN Environment’s ‘Patron for Clean Air,’ where he advocates for the United Nations Environment’s global Breathe Life Campaign. When he started his entrepreneurial journey, two people inspired him. One is Jack Ma, the co-founder and former executive chairman of Alibaba Group and the private equity firm Yunfeng Capital. Second is Masayoshi Son, the billionaire technology entrepreneur, investor, philanthropist, founder and chief executive officer of the Japanese holding company SoftBank, and the chairman of Arm Holdings.
Awards and Achievements
Vijay Shekhar Sharma received the Best Serial Entrepreneur Award at the Rural and Urban Development Summit 2022 from the Ministry of Housing and Urban Affairs, Govt. of India. He was ranked in the 62nd position in the Forbes list of the richest person in India in 2020. In 2017, Forbes named Vijay Sharma as India’s youngest billionaire, with a net worth of $1.3 billion. Furthermore, to honour all his accomplishments, the Government of Uttar Pradesh gave him the highest civilian award, the Yash Bharati.
In 2017, Vijay was listed in Time Magazine’s 100 Most Influential People and ranked fourth in the GQ’s listing of the 50 most influential young Indians. Additionally, he was named the Dataquest IT Man of the Year in 2017.
He also won the Entrepreneur of the Year from the Economic Times and the Title of NDTV Indian of the Year in 2016. Vijay was awarded an Honorary Doctorate from Amity University, Gurgaon, in 2016. He also emerged as India’s Hottest Business Leader under 40, as recognized by The Economic Times in 2015.
The Bottom Line
Vijay Shekhar Sharma’s journey from modest beginnings to leading India’s digital payment revolution with Paytm showcases determination, innovation, and a commitment to financial inclusion.
Frequently Asked Questions:
Q1- What is Vijay Sharma’s qualification?
Vijay Sharma has a B. Tech in Engineering from Delhi College of Engineering.
Q2- Who is Vijay Shekhar Sharma’s Wife? How many kids does Vijay Shekhar Sharma have?
The name of Vijay Shekhar Sharma’s wife is Mirdula Parashar Sharma. He has a child named Vivaan Sharma.
Q3- What is the age of Vijay Shekhar Sharma?
An- He is 45 years old.
Q4- What is the salary of Vijay Shekhar Sharma?
An- 4 crore in cash yearly