We are living in a digital world where everything is online. Starting with purchasing goods for booking tickets, everything has become online facilitating a more convenient, faster and secure payment process. One does not have to go to the store to buy his desired product, all he/she can do is shop online. Similarly one can make reservations from wherever he is rather than taking his time to go and book his tickets. All this is made possible because of the online payment and there is no doubt online payment has made our lives easier.
This has not been the scenario for the past few decades. Going a year behind, in November 2016, the entire nation was hit by a strong wave called Demonetization that shook the country and left many of them in chaos. Prior to the Prime Minister Narendra Modi’s decision for a cashless economy, was one man (Vijay Shekhar Sharma) who dreamt of the same and believed in the same. He envisaged that one day the country would go digital and his vision for one has persuaded him to establish a company ultimately resulting in Paytm.
Paytm is India’s largest e-commerce platform, that facilitates in making Instant Digital & Utility Payments, grab latest Entertainment tickets online with great offers and discounts and lets your travel be much easier and fun-filled! In 2013, the company launched the Paytm Wallet, which became India’s largest mobile payment service platform with over 150 million wallets and 75 million Android-based app downloads. Ever since the announcement made by the Modi government to encourage digital transactions, payment gateways were on the rise with Paytm being the nucleus. Starting from a tea or vegetable vendor to Flipkart or Amazon or any other reputed vendors, Paytm was for everyone. After 8 November 2016, Paytm’s transactions and profit increased significantly.
In 2015, Paytm became the first Indian company to receive funding from Chinese e-commerce company Alibaba, after it raised over $625 million at a valuation of $1.5 billion. The Alibaba Group was the biggest stakeholder in Paytm parent company One97 Communications. As for May 18, 2017, SoftBank invested $1.4 billion in the company, and as one of the Largest Funding in India’s Ecosystem which valued Paytm from $4.8 B to $8 B.It was SoftBank’s single largest investment in India to date. Paytm had previously raised $500 million from Alibaba and Ant Financial.
It was Vijay’s envision for a cashless economy that has made him evolve into an internet sensation and an accomplished entrepreneur. Today, Vijay Shekhar Sharma is crowned India’s youngest billionaire by Forbes. He acquired the 1567th rank becoming India’s youngest man to be featured on the list.