Vijay Shekhar Sharma was born on July 8, 1973, in a poor family in a small village near Aligarh. His father was a lowly schoolteacher, his mother was a stay-at-home mom, and he had three siblings. Talent is a perfume that blooms even in adversity. Despite being from a poor household. Vijay Shekhar’s vast knowledge enabled him to pass Higher Secondary at the tender age of 14.
Vijay Shekhar Sharma wanted to be an engineer but didn’t have the financial ability to do so. Some of the challenges he encountered were likely to relate to the English language. He didn’t give up on himself. Vijay Shekhar told his mother that he wanted to be an engineer and that he needed to improve his English skills. His mother snubbed him, explaining that they didn’t have any money and that his sister needed to marry soon.
Vijay Shekhar Sharma- Overcoming Adversity
Vijay Shekhar has seen the challenges that the country’s poor face. His batchmates couldn’t afford a pair of slippers when he was a child who went to school wearing chappals. After seeing this, he penned a poem expressing his feelings and thoughts on life’s injustices. Vijay Shekhar Sharma was one of two persons in his town to finish their education in engineering.
Vijay graduated from the Delhi Institute of Technology with a bachelor’s degree in engineering. According to Vijay, students who attended a Hindi-Medium school faced several challenges. A child in a Hindi-medium school in the 1990s had very limited access to books and coaching. As a result, Vijay understood he was on his own in his quest for greatness.
During his stay at Delhi College of Engineering. He used a popular Bollywood film called “Tare Zameen Par” to describe his life. That is, he could watch his professors’ lips move but couldn’t understand a single word they said. He and his classmates would read the answers and not comprehend the questions when studying for the tests because the questions were written in English.
As a result, Vijay taught himself to read, write, and communicate in English.
Obstacles Were Turned into Opportunities
Vijay’s life started to turn around when he went to a 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 recognizable names in the startup world. Each of the businesses had one thing in common: they were all created out of basement garages. Vijay later expressed an interest in visiting Silicon Valley. But, due to his financial situation, this was not an option.
Despite giving up, Vijay taught that if he couldn’t travel to Silicon Valley, he could build one in India. As a result, in 1997, while still in college, Vijay and his friend Hari founded an online corporation.
Both of them wanted to create a search engine. And they realized that the search engine would be the key draw for the internet. Which was making huge leaps in the technological circuit at the time. However, his parents forced him to get a real job. But his great desire to start a new business never forced him to stay in a typical position for long.
Vijay aspired to be a free-flying bird all his life. He had no desire to be a horse that ran the same course over and over. As a result, to achieve his passion. He had to leave his position at One97 Communications in 2001. And create a firm with the same philosophical worldview as Yahoo. During his first year on the job. He discovered that cash flow is more important than profitability.
This was due to a cash flow problem since his clients never paid him on time.
As a result, to go on, he sold around 40% of the firm to an angel investor for Rs 8 lakh at the time. Vijay was having a difficult time at the moment 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 bank defaulters list. As a result of his motivation. He created Paytm, a platform that addressed the problems of the underprivileged. The platform was designed for shopkeepers and auto-rickshaw drivers who have never been appreciated or loved by a financial institution.
For Vijay Shekhar Sharma and Paytm, failure is a key to success.
Vijay Shekhar has never given up on his aspirations because of his English skills. Though he struggled with the English language. He had a strong grasp of science and mathematics. At the age of 15, he was not only accepted into Delhi University. But also received the 9th highest score in the admission exam. However, Vijay Shekhar was the class president in high school. Became a backbencher in college due to his weak command of the English language.
When the lecturer asked him a question in English that he couldn’t comprehend. He was humiliated in class. It did not affect his spirits. Instead, he began going to the library to learn English. He used to study his topic books after translating them into Hindi. He failed his first year of engineering owing to a lack of English language.
That language has become one of the most difficult obstacles on Vijay Shekhar’s route to success.
Vijay Shekhar Sharma, the founder of Paytm, has high morale.
God assists those who assist themselves.
One lovely day, he went to Dariya Gunj in Old Delhi and bought a used Forbes Magazine. He used to like reading about successful businesspeople. Business tycoons like Steve Jobs, Bill Gates, and Ratan Tata influenced Vijay Shekhar. The tales of these entrepreneurs’ journeys from obscurity to prosperity.
Vijay Shekhar had a strong desire to visit Stanford and Silicon Valley. But he was unable to do so owing to the financial crisis and a lack of funds. This ‘iron guy’ had such a strong moral code that even when he couldn’t leave. He didn’t give up and avoided being caught in such an unpleasant situation.
He reasoned that if he couldn’t travel to Silicon Valley, he could turn India into one.
One97 Communications: The First Step to Success
Vijay Shekhar learned computers in college and created the website indiasite. Which served as a company’s search engine.
But fate had other ideas!
Vijay Shekhar founded his firm, One97 Communications, in 2001, to give users a search function. Vijay Shekhar became one of India’s youngest businesspeople with the launch of One97 Communications.
He borrowed money from many banks to grow One97 Communications. Often at a higher principle interest rate of 24 percent. As a result, the majority of the company’s earnings have been used to pay the interest rate and rent on his home. A man who has gone hungry and yearned for a penny understands the value of money. That is why Vijay Shekhar knows the value of money and how important it is in everyone’s life. There was a period in his life when he couldn’t afford two cups of tea in the winter. He has walked for kilometers to save money for breakfast the next day. To conserve money, he even had to forgo meals!
Paytm’s motto is “Go Big or Go Home.”
Vijay Shekhar motivates us to dream big and achieve our goals no matter what obstacles we face.
To get out of bankruptcy, he founded a consulting firm, where he met Piyush Agrawal. He aided him by designing software for his business, doubling his profits. Vijay Sharma’s actions pleased Piyush Agrawal, who offered him the position of CEO in his firm, which Vijay declined.
Vijay Shekhar’s family, but was urging him to have steady employment. He was stuck between financial hardship and the demands of his family. He had no choice but to accept Piyush Agrawal’s offer after the day. His debt for One97 Communications ballooned to a sizeable amount of Rs. 8 lakhs.
Vijay Shekhar informed Piyush Agrawal, who assisted him by obtaining a 40% stake in One97 Communications. As a result, the Rs 8 lakh debt was paid off.
According to Vijay Shekhar: “I was never supposed to be the tamed horse. That bird – the eagle that desired to soar — was thinking to be me “.
Paytm – An Idea Has the Power to Change the World
Vijay Shekhar’s greatest ambition was to create a consumer brand. One97 Communications’ earnings must be funding something worthy of the try. According to the Board of Directors, they cannot keep the dividends for a long time. They had no choice but to spend that money. Vijay Shekhar completed a round-the-world trip and arrived in Beijing. He discovered that Beijing was developing technology when he was there.
He started to observe that each number was a hundred times more than India’s. If China could do it, he reasoned, why couldn’t India? He got the idea for a payment platform when he was there. The Board of Directors, but, turned down the idea. They believed that cash reigned dominant in India and that the Indian people would reject digital transactions. Vijay Shekhar decided to offer Rs 5 crores for six months. It’s amusing to bet on whether Paytm will be established or not. Paytm’s strategy was into effect, and the rest is history.
Paytm, the Amazing Startup
Vijay Shekhar has noticed an increase in the spectacular usage of cell phones. He intended to contribute to society by allowing individuals to do online transactions using their smartphones. Paytm.com, the parent business of One97 Communications. Opened an internet website on July 8, 2010.
At first, it offered online prepaid mobile and online DTH services. It gained popularity among the public within a few days due to its ability to pay energy, water, and gas bills. Paytm simplified people’s lives. Within two years, the number of users had risen to two lakh fifty thousand. Paytm had become a household brand in the e-commerce market.
Paytm Payment Bank was the first bank in India to provide a current account with no minimum balance. Paytm’s original investment in Noida, Uttar Pradesh, was $2 billion. It has two nations as customers: India and Canada.
Paytm Money, Paytm Gamepad, Paytm smart retail, Paytm postpaid, Paytm wallet, and Paytm mall are some of its goods. Paytm introduced its Paytm wallet in 2014. And the Indian railways and Uber were among the first to adopt the notion of a wallet for payment, with others following suit.
With over 100 million downloads, Paytm became India’s first payment app in 2017.
Paytm experienced a significant and thrilling occasion on November 8, 2016, a momentous day in Indian history. The Indian government took the historic step of demonetization on November 8, 2016.
To combat corruption and black money, demonetization removed all Rs 50 and Rs 1,000 notes from circulation. It ushered in India’s digital revolution, therefore Paytm. People were pushed to use digital media to facilitate transactions. And go for cashless payments once demonetization permitted them to use cash. Paytm was popular. It increases Paytm’s income. Paytm worked hard during demonetization, completing 600 days of labor in only 60 days. By November 2017, the number of users has risen to 200 million.
With a valuation of $16 billion, Paytm is one of India’s most valuable firms (as of 2020).
Paytm’s Success Story:
Paytm’s a success story; “Paytm Karo” is a phrase that every Indian thinks of when they go shopping after demonetization. Paytm has transformed the payment system. Causing a paradigm change in the retail business. This online wallet/e-commerce website was only utilized to pay for a few services. Such as cellphone and DTH recharges, as well as shopping expenses.
This portal’s reach has broadened throughout time. And it now encompasses everything and everything. Customers may now recharge their metro cards. Pay utility bills such as electricity and water, transfer cash to other bank accounts, and make hotel bookings, among other things. With the inclusion of e-retail and e-commerce outlets. The newest Paytm Success Story continues to grow.
Small businesses may now offer their items on the internet. Allowing them to broaden their consumer base.
Business Model of Paytm
Paytm has established the groundwork for a variety of other digital payment systems. That we see in India since it serves as a model for these businesses to follow. Paytm Ltd. First focused on the needs of young people, but as time went on, it expanded its focus to include the senior Indian population as well.
From a simple recharge and bill payment platform. The concept has evolved into an online banking service software that provides a plethora of offers and services. The platform is one of the few payment platforms that offer a 50-100 percent payback on almost every financial transaction made by the customer.
The program provides consumers with an e-wallet feature that allows them to set aside a part of their total for certain purchases. Paytm’s platform also allows you to book online and make reservations. The site acts as a type of marketplace that enables users to fulfill their daily needs. It’s also a virtual bank that the Reserve Bank of India has approved.
The site has also launched the concept of a Digital Computer Gold. Which allows anyone to buy and trade gold online. They have an audience support facility that is always operational and handles any issues with the desk.
Paytm – Growth and Revolution
Paytm is an e-wallet that has been authorized by the Reserve Bank of India (RBI). This means that the user’s money is safe in an Escrow account with a nationalized bank. Paytm is India’s most popular digital payment platform due to its security features and simple user interface. Paytm employs 128-bit SSL (Secure Sockets Layer) encryption certified by Verisign. This guarantees the user’s online data. Such as their password and other financial information, are safe, giving them more protection.
This online payment mechanism is both secure and reliable. Paytm’s success story is that it can process about 5000 transactions every second. The technique of a very simple yet effective and secure payment mechanism has enabled a large volume of transactions. Users may pay by scanning the shop’s QR code or inputting the recipient’s cell phone number.
The Paytm wallet also offers the option of storing money in the app. And paying with that money or from the bank via the app. Paytm has become one of the most popular payment apps due to its mix of secure transactions and huge volume. Paytm is being used by consumers to pay for their daily utilities and other obligations.
The government’s move to demonetize has bolstered the popularity of Paytm. The country was legally required to move to either plastic money or a digital payment system as a result of demonetization. Paytm was able to solidify its position in the e-payment apps market as a result of this. Paytm has outpaced comparable payment apps. Like Mobikwik, Freecharge, and other e-commerce software providers in both user numbers and income earned, according to recent studies.
One of the unique aspects of the Paytm Success Story is that it is popular not in cities but also in rural towns and villages. But, it is becoming the most popular pay structure among the public.
Paytm’s Expansion Strategies
They have a 26 percent market share among e-payment businesses last year. Paytm is poised to pursue new opportunities. Paytm intends to enter the mortgage sector by 2020 and issue small loans to 500 million customers.
In May 2017, Paytm Payment Bank was set up. A five-member board committee has been constituted to help the Payment Banks grow their physical presence.
Paytm also intends to give WhatsApp a run for its money by releasing a chat app with more advanced capabilities. Paytm has acquired Shifu and Near. To improve and develop its offline and network platforms while also improving the consumer experience.
Paytm has been taken off the Google Play Store
Paytm’s most recent challenge was. The temporary suspension of its operating system on Google’s Android Play Store in September with the tech giant claiming the platform had been violating its policy. And promoting unregulated gambling sparked controversy with Vijay Shekhar Sharma. The founder of Paytm marked the act as a breach of equipment by Prime Minister Amanirbhar Bharat.
Paytm decided to withdraw its new UPI refund service, branded “Paytm Cricket League,”. And the app was escorting it back to the Google Play Store a few hours later. Which was set to launch a day before the Indian Premier League’s 13th season began ( IPL).
Vijay Shekhar Sharma: A Role Model
Sharma’s net worth is $999 million, down from $2.35 billion before the IPO. On November 18, 2021, One97 Communications Ltd, Paytm’s parent company, went public. Sharma has been losing roughly Rs 88 crore every day since that day.
Success is never simple. This kind-hearted and honest entrepreneur realized his aim of making a billion dollars. Despite having Rs. 10 in his wallet before. Vijay Shekhar was not born with a silver spoon in his mouth, yet he turned his life around. This is a rags-to-riches tale. Vijay Shekhar Sharma encourages us to be the ‘Michaelangelo’ of our lives. To create and paint them in beautiful colors. He was intelligent and showed us that patience, confidence, boldness, and vision can lead to financial success.