In a recent statement, Paytm's founder Vijay Shekhar Sharma has stood firm in his commitment to his team amidst challenges faced by the company. Despite the recent constraints imposed by the Reserve Bank of India (RBI) on Paytm Payment Bank Ltd (PPBL), including restrictions on essential banking services, such as deposits and credit transactions, Sharma reassured employees that there would be no layoffs.
Vijay Shekhar Sharma's journey from the humble roots of Aligarh, Uttar Pradesh, to the forefront of India's digital economy is nothing short of inspiring. Born to a schoolteacher, Sharma's unwavering determination propelled him from a Hindi-medium school to the prestigious Delhi Technology University (DTU).
His entrepreneurial spirit blossomed with ventures like indiasite.net, which he later sold for $1 million, and the founding of Xs! Corporation during the dot-com wave.
In 2010, Sharma founded Paytm, a venture that gained prominence in 2016 during India's demonetisation, championing the cause of a cashless economy. The company received a significant boost in 2018 with a $300 million funding from Warren Buffet's Berkshire Hathaway.
Building on this success, Sharma extended Paytm's reach by launching Paytm Payments Bank in 2019, catering to around 500 million Indian customers.
Competing against giants like Walmart's PhonePe and Google Pay, Paytm has become one of the country's largest digital banks, facilitating fund transfers and bill payments.
The company reported an impressive gross merchandise value of Rs 13.2 lakh crore for FY 2022-23. Despite a decline in net worth from its 2019 peak, Sharma featured on Forbes' 2022 list with a net worth of $1.2 billion.
