The simplicity of conducting financial transactions is perhaps the main driver of India's move towards digital commerce. You won't need to carry large amounts of cash, use cards, or stand in line to use an ATM! You'll choose an online payment platform like the one offered by Paytm. Right? But have you ever wished to learn more about the man who has made online transactions so much easier? If so, this article will take you on a journey through the life of a man who, by inventing Paytm, revolutionised online transactions in India.
Vijay Shekhar Sharma founded Paytm, India’s leading payments app. Sharma, who has a strong belief in new technology, founded Paytm to make online transactions more convenient for both customers and company owners. Forbes estimates that Vijay Shekhar Sharma's current net worth is $1 billion. However, Sharma's successful career has not always been smooth sailing. Sharma never followed a direct road to success. Along the way, there were setbacks, and failures for this humble man. Let us today explore the life story of Vijay Shekhar Sharma, whose Paytm was the catalyst for India's digital transformation.
Vijay Shekhar Sharma's Early Life And Struggle Days
Vijay Shekhar Sharma was born in Aligarh in 1978 to a schoolteacher Sulom Prakash and a housewife Asha Sharma. Vijay, a gifted student who attended a school with a Hindi medium, graduated from secondary school at 14. He enrolled in Delhi Technological University at the age of 15, where he spent a lot of time in the computer lab. During this period, Sharma developed an interest in the internet and technology and entertained thoughts of creating his own creations. Together with a classmate, Sharma founded Xs! Corporation, an online portal that provided web-guided services that he eventually sold to a business.
Vijay Shekhar Sharma launched One97 Communications, a website that provided information, cricket ratings, etc. After the launch of One97 Communications, Sharma ran out of money and fell into a spiral of mounting debt. He once nearly lost everything he had earned. Sharma failed, just like every successful person in the world who has experienced failure at some point in their lives. He had to work odd jobs to make ends meet, but he wasn't the type to give in to the situation. His battle helped to create more momentum and vigour to advance to the next point of victory.
The Birth Of Paytm
Nothing about success comes easy, but every harrowing tale has the potential to end well. And Vijay Shekhar Sharma's story is an example of this! Sharma achieved success thanks to his grit and determination. In 2011, he founded Paytm, a payment gateway that provided payment services to consumers and merchants. Due to the speedy adoption of the app by India's technologically savvy population, Paytm was able to create millions of wallets on the platform within a year of its inception. Paytm usage and demand skyrocketed after demonetization in 2016. By November 2017, there were 200 million active users. Sharma also founded Paytm Mall, an e-commerce business and the Paytm Payments Bank, a digital bank.
Today, more than 300 million Indians use Paytm to conduct online transactions such as money transfers, bill payments, recharges, and other services.
Vijay Shekhar Sharma's Realtime Net Worth
As per Forbes Realtime Billionaire Index figures, Ajay Piramal's realtime net worth as of 05-07-2023 is USD 1 billion (82,22,44,00,000.00 Indian Rupee approximately).
