Startups in India have witnessed many amazing stories. Many multinational companies have contributed to its worth and value as an ecosystem where everyone has a chance to succeed. With the new era approaching, it is time to take a peek into one of the most successful entrepreneurs. Those who reside in India or who keep in touch with the Indian startup ecosystem might have heard of Paytm. An early e-Wallet, it is still seen as a representative of Indian startups in the e-Wallet market.
According to Forbes’ list of India’s 100 Richest People (2020), Vijay Shekhar Sharma is the second-youngest billionaire in the country with $2.35 billion in wealth.
The Initial Stage of Vijay Shekhar Sharma’s Life
There are parallels between Vijay’s story and Mahendra Singh Dhoni’s. Despite coming from small towns, both of them chanced the system with sheer determination and passion. He is very humble and has no pretenses in real life, and speaks his heart.
One could tell when Vijay shared his life story that he truly understood what it takes to succeed in the brittle world of entrepreneurship. There was a time when one would need to toil hard without any guarantee of success. However, Vijay has the special ability to make one laugh by admiring his roots and failures.
Among the most charming CEOs in this country is the CEO mentioned above. However, despite Vijay’s self-effacing humour, his staunch belief in generating change cannot be negated.
Getting Over The Tough Circumstances- Vijay Shekhar Sharma
Vijay has seen the hardships endured by the economically backward sections of the country. His batchmates had no money to afford a pair of slippers when he was a 12-year-old kid who wore a chappal to school. In response to witnessing this inequity, he wrote a poem about his confusion.
Among two people in his village who pursued engineering, Vijay was one of them. Having graduated from the Delhi Institute of Technology, Vijay holds an engineering degree. According to Vijay, a student studying in a Hindi-medium school faced many difficulties. In the 1990s, a child reading in a Hindi-medium school rarely had access to books and coaching facilities. As a result, Vijay had realized that he was on his own in his quest for success.
He expressed his life during his time at DTU similar to the popular Bollywood movie, Tare Zameen Par. In other words, he could see his teacher’s lips move, but he could not understand a word! In preparation for the exams, he and his friends would read the answers but not know the questions because the questions were written in English. Vijay, therefore, learned English by himself.
Converting Obstacles Into Opportunities: Vijay Shekhar Sharma
One Sunday, Vijay went to market and picked up a Forbes magazine. That was the turning point in his life. He learned about the success stories of mega-brands such as Apple, Intel, and HP, and how they became some of the most popular startups. One thing all of the businesses shared was their location: basement garages! Vijay then expressed a desire to go to Silicon Valley. Unfortunately, money and resources prevented that from happening. Even though Vijay couldn’t visit Silicon Valley, he could create one in India, so he didn’t give up!
As a result, he started an internet company in 1997 with his friend Hari. The two of them knew that the search engine would become the main attraction due to the fact that the internet was taking giant strides in the technology circuit around the same time. He was advised by his parents to join a real job, but his sheer determination to start a new company never allowed him to stay there for long!
Vijay always wanted to be a bird with freedom, not a horse who runs the same track over and over again. His dream led him to leave One97 Communications in 2001 and start his own company based on the same philosophy as Yahoo! In his first year, he learned it is cash flow and not profitability that matters.
As a result of his clients never paying him on time, he was victims of this cash flow problem. As a result, he sold 40 percent of the company to his angel investor at the time for Rs 8 lakh. It was high time for Vijay since his sister was getting married soon and he wanted to make sure she got married.
His father was not granted a loan of 2 lakhs, even though his name was not on the list of loan defaulters! As a result, he developed Paytm, a platform that addresses the issues of the poor and economically backward sections of society. The platform was built for shopkeepers or auto rickshaw drivers who are never respected or liked by financial institutions.
Vijay Shekhar Sharma- Paytm
In the country, the platform has been synonymous with the rise of e-wallets. The Paytm Payments Bank is the first platform to offer zero-balance accounts. The platform offers UPI payment and shopping facilities as well. In the modern-day era of e-commerce, Paytm continues to grow.
Vijay Shekhar Sharma- An Inspiration
The face of the economically backward section of the Indian society has been Vijay. His financial difficulties did not prevent him from breaking barriers and contributing to society. Vijay is undoubtedly one of the most well-known faces in the Indian startup circuit.