Paytm Success Story:
Now a Days, the Indian economy has leveraged a new breed of entrepreneurs with its strong acumen to face toughest of crisis such as the global recession of 2008. These entrepreneurs and their peculiar ideas were more often than not rebuffed for the ostensible lack of practical applications. But with their strong conviction, dedication and faith in ideas; these entrepreneurs pioneered brand new experience to a nation with the second largest population and consumer in the world. Today, Business Connect is going to introduce our readers with one of the most profitable and rapidly growing companies in India.
Two words that come to almost every Indian’s mind while Shopping, Post demonetization, are “Paytm karo.”
Paytm, considered to be the Avant-garde of cashback business model in India, has become an undisputed leader in the domain of Mobile payments, E-wallets and E-commerce just to name a few. The inception of the company was done in the year 2010 by a visionary alumnus of Delhi College of Engineering (now DTU) Mr Vijay Shekhar Sharma. The company gained abrupt prominence after the startling decision of demonetization by the honourable Prime Minister Mr Narendra Modi. Paytm became one of the prime sources to run the economy. Taking into consideration the lack of flow of cash, people were lured to use Paytm. In those times, it became the lifeline for millions of lower-middle class and middle-class working population. Not only this, it became the torch-bearer of the cashless economy (or say less-cash economy). Though the company was doing extremely well since its establishment it was mainly focused on catering to the young millennial. The youth more or less prefer to be technically driven which was the idea that Paytm was working on.
Revolution and Growth:
The demonetization opened a new door of success to the company. It helped the company spread its base among the not-so-educated and digitally aware people like hawkers and street vendors. Many people ridiculed the idea and mocked Mr Sharma. But those people themselves became laughing stocks when they started seeing the flyers of “Paytm Accepted here” in every nook and corner of the country, even in the remote areas of our country. This out-of-the-box thinking has helped it gain 100 million registered users. Today the company is valued at $8 billion. In the year 2017, Mr Sharma was honoured as the youngest Indian billionaire having an asset of $1.3 billion. Long before the inception of Paytm, he laid the foundation stone of its Parent company One97 communications in the very first year of this millennium. Prior to that, being an alumnus of one of the brightest institute of India, he developed his website Indiasite.net in the year 1997 and later on sold it a valuation of $1 million. Mr Sharma used this money to yield mobile contents like news, cricket scores, jokes and ringtones etc by means of One97 Communications. He sees Mr Jack Ma and Masayoshi as his inspiration who is currently his business partners too.
Success and Awards:
Paytm is enjoying unprecedented success; it has won accolades across the globe for work in the field of digital payment and e-commerce developers. Here is a list of awards and recognition bagged by Paytm in 2017:
1. The Diamond SABRE Award in Company of the Year at SABRE Awards 2017
2. The Diamond SABRE Award in Superior Achievement In Reputation Management at SABRE Awards 2017
3. The Gold SABRE Award in Financial Professional Services at SABRE Awards 2017
4. Vijay Shekhar Sharma was recognized among the 50 Most Influential Young Indians by GQ
5. Vijay Shekhar Sharma won at Entrepreneur India Awards 2017
6. Vijay Shekhar Sharma was listed in the 2017 Time 100 List of Most Influential People in the World
7. Vijay Shekhar Sharma was recognized as the Entrepreneur of the Year at The Entrepreneur’s Moneytech Awards 2017
8. Vijay Shekhar Sharma was announced Data Quest IT Person of the Year
9. Vijay Shekhar Sharma won the Forbes Top 40 Under 40 Award
10. The Best Digital Wallet award at the 11th IAMAI India Digital Summit
11. The Best Consumer Mobile Service award at the 11th IAMAI India Digital Summit
Last year Paytm’s market share among the e-payment companies was 26%. Paytm is now planning to explore new avenues. By 2020, Paytm plans to tap the loan market and disburse small loans to 500 million people.
The Paytm Payment Bank was launched in May 2017. A 5-member board committee has been formed to expand the physical presence of the Payment Banks.
Paytm is also planning to give WhatsApp a run for their money by launching a chat app with more sophisticated features. Paytm acquired Shifu and Near.in to improve and strengthen its offline and online platform and enhance customer experience.
Paytm is determined to improve their products and services and enhance customer experience. Their dedicated team tirelessly works to improve each feature no matter how small it may be. The Paytm team always endeavors to add small and incremental yet effective features that have ensured that it stays as the preferred digital payment platform among users. Paytm has proved to be a paragon in the field of ecommerce website developers and its meteoric rise in popularity has inspired others to follow suit.
Mr Sharma has developed a new vigour and optimism in the budding entrepreneurs which teach us to chase dreams with dedication and devotion.
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