There are many success stories in the world which have inspired billions of people to do something in their lives. But some of them actually made us believe that even the impossible dreams can come true once you decide not to giving up.
The story of the 43-year-old Paytm founder, Vijay Shekhar Sharma, has also inspired numerous budding entrepreneurs to make their own way. From earning just Rs 10,000 in a month to becoming a self-made billionaire, Sharma has had an intriguing journey of success so far.
But how Vijay Shekhar Sharma turned the winds in his direction and brought a notable shift in the online payment industry? Let’s find out.
Firstly, let’s begin with the background of Vijay Shekhar Sharma.
Who is he?
Hailing from a small town of Uttar Pradesh, Aligarh, Vijay has seen really tough days in his early age. He came from a very humble background. His father was a school teacher while mother was a homemaker. Born on June 7, 1978, Vijay didn’t even have an educational background in English and hence was quite poor in the language.
However, soon he realized that he needed to master the language in order to survive in the college and therefore, he learnt English by memorizing the lyrics of rock music and reading the translated books.
Vijay wanted to be an engineer but he neither had the money nor the resources to get any coaching for it. But as they say, “where there is will, there is a way”, Vijay too somehow made it to the Delhi Institute of Technology at the age of 15.
The success you know, the struggle you don’t
Vijay Shekhar Sharma didn’t conquer the world of business overnight. It takes a lot of hard work, patience, time and efforts for him to reach on the top. Basically, nothing came easy for him.
In 2001, he started One97, the parent company of Paytm. Vijay had to take a loan of 8 lakhs to fund his startup. But later he realized that the repayment was getting tougher so, he took up some petty jobs like delivering guest lectures and setting up LAN connections in order to see that both the ends met.
However, Vijay knew how to turn the obstacles into opportunities. In order to found Paytm, he didn’t ask for any fund instead he raises $2 million all by himself.
“There are two kinds of companies in the world: One, who build, and two, who buy.” – Words of Vijay Shekhar Sharma.
Building Paytm
Vijay was aware of the growing phenomenal use of smartphones. He always wanted to contribute towards the society and so he founded an online payment platform, Paytm in 2010. Initially, it was launched as a website, offering online prepaid mobile recharge facility and DTH facilities.
In 2016, things took a big turn for Paytm when the government announced demonetization of all ₹500 and ₹1,000 banknotes. It gave a big push to the digital economy and eventually proved to be a major boost for Paytm.
Notably, when Forbes named Vijay Shekhar Sharma as the youngest billionaire of India in 2017, the net worth of Paytm was $2.1 billion. After this, it was no looking back for the company.
The portal has grown by leaps and bounds since its launch. Customers can now recharge their metro cards, pay bills for utilities like electricity and water, transfer funds to other bank accounts, book flight/train/bus tickets, make hotel reservations, etc. through Paytm.
In June 2019, the company recorded net worth of $2.7 billion.
The secret of Paytm’s success
Today, Vijay Shekhar Sharma needs no introduction as his achievements speak for himself. He is one of the most successful entrepreneurs in India and his net worth is around $2.3 billion. Well, the reason behind his success must be the trust he built with his customers.
Another important factor behind the unmatched victory of Vijay Shekhar’s Paytm, it is equally popular in both small towns and metro cities. Over the years, it has become a favored mode of payment among masses.