When people discuss India’s wealthy people, the spotlight falls on metro cities such as Mumbai or Delhi. However, what is often overlooked is that Uttar Pradesh has quietly been producing its own set of billionaires and influential business leaders. Furthermore, some of them built their fortunes through tech and software, while others turned everyday products like biscuits, detergents, and consumer goods into household names.
UP’s wealthy include both tech entrepreneurs and traditional industrialists. Together, they have massively boosted the state’s economy. Their success proves you don’t need to be in a major city. Instead, success comes from determination and taking smart risks, even in less expected places.
This blog looks at the top 10 Richest People in Uttar Pradesh in 2025. The list is based on verified financial reports, company performances, and trusted media sources. These individuals are much more than numbers on a rich list. They are the ultimate job creators, innovators, and, in many cases, individuals who started small before building their businesses into empires.
Industrialists and Innovators: Top Richest Business Tycoons from Uttar Pradesh
Uttar Pradesh is known for its history and politics, but it’s also home to many of India’s richest businesspeople. The wealthiest person here shows that success comes from vision and hard work. This list includes people from different industries like FMCG, real estate, and education, showing how many ways there are to succeed in UP’s business world.
Muralidhar Gyanchandani – INR 14,000 Crore
Company
RSPL Group (Ghadi Detergent)
City
Kanpur
Industry
FMCG
Background
Born into a Sindhi family in Kanpur
Family Support
Runs the business with his brother, Bimal
Lifestyle
Owns luxury SUVs and prime properties but prefers a simple life
Main Income
Sale of Ghadi Detergent and other RSPL products
Contribution
Created thousands of jobs in Uttar Pradesh and made Ghadi a household name
Muralidhar Gyanchandani stands as the richest person in Uttar Pradesh today. His journey showcases how persistence, family values, and strategic business moves can turn a regional brand into a national success story.
Bimal Gyanchandani – INR 9,000 Crore
Company
RSPL Group (Ghadi Detergent)
City
Kanpur
Industry
Consumer Goods
Background
Brother and business partner of Muralidhar Gyanchandani
Lifestyle
Low-key personality, supports community initiatives
Main Income
Sale of detergents and FMCG products
Contribution
Played a crucial role in making Ghadi a leading Indian brand
Bimal Gyanchandani’s focus on teamwork and innovation helped elevate Ghadi to national prominence. Alongside his brother, he has strengthened UP’s FMCG sector. His quiet dedication shows that humility and vision can go hand in hand with wealth.
Vijay Shekhar Sharma – INR 8,000 Crore
Company
Paytm
City
Aligarh
Industry
Fintech
Background
Son of a school teacher, grew up in Aligarh
Family Support
Encouraged by his father
Main Income
Digital payments, banking, and fintech services
Contribution
Revolutionized digital payments in India, enabling millions to go cashless
Vijay Shekhar Sharma – Top Richest Persons in Uttar Pradesh
Vijay Shekhar Sharma is a modern-day success story, turning a small idea into India’s fintech giant. His journey from Aligarh to leading Paytm inspires young entrepreneurs nationwide. He continues to innovate and expand digital financial services across India.
Dinesh Chandra Agarwal – INR 5,400 Crore
Company
IndiaMART
City
Noida
Industry
B2B E-commerce
Background
IT professional turned entrepreneur
Family Support
Built a company with family involvement
Lifestyle
Owns commercial properties and luxury vehicles
Main Income
Subscriptions and services for small businesses
Contribution
Connected MSMEs online, helping them grow
Dinesh Chandra Agarwal – Top Richest Persons in Uttar Pradesh
Dinesh Chandra Agarwal transformed B2B commerce in India through IndiaMART. His platform empowers millions of small businesses to thrive. His entrepreneurial vision continues to influence the digital economy in Uttar Pradesh and beyond.
Sachin Agarwal has leveraged technology to make insurance accessible to all. Policybazaar’s innovative approach has reshaped India’s insurance sector. His work inspires young entrepreneurs in fintech and digital services.
Alakh Pandey – INR 4,500 Crore
Company
PhysicsWallah
City
Prayagraj
Industry
EdTech
Background
Middle-class family, passionate about teaching
Family Support
Parents supported his teaching dream
Lifestyle
Simple life, owns studios and offices
Main Income
Online classes, coaching, and educational content
Contribution
Made quality education affordable for millions
Alakh Pandey – Top Richest Persons in Uttar Pradesh
Alakh Pandey represents the new generation of tech-educators. His platform, PhysicsWallah, provides affordable learning to students across India. He shows that passion and dedication can create both impact and wealth.
Pradeep Kumar Jain – INR 4,400 Crore
Company
PNC Infratech
City
Agra
Industry
Infrastructure & Construction
Background
Part of the Jain family in Agra
Family Support
Works with brothers Chakresh and Naveen
Lifestyle
Owns luxury homes, cars, and industrial equipment
Main Income
Government and private construction contracts
Contribution
Built highways and bridges across India
Pradeep Kumar Jain has contributed massively to India’s infrastructure development. His projects connect cities and improve commerce. He exemplifies how construction and civil engineering can generate both wealth and social impact.
Chakresh Kumar Jain plays a key role in enhancing Uttar Pradesh’s connectivity. His projects benefit both urban and rural communities. Working alongside his brothers, he is a pillar of UP’s infrastructure growth.
Naveen Kumar Jain – INR 4,400 Crore
Company
PNC Infratech
City
Agra
Industry
Civil Engineering & Infrastructure
Background
Youngest of the Jain brothers
Lifestyle
Known for strategic leadership and efficient management
Main Income
Public works and infrastructure contracts
Contribution
Built trust and reputation for PNC in construction
Naveen Kumar Jain – Top Richest Persons in Uttar Pradesh
Naveen Kumar Jain brings innovation and efficiency to India’s infrastructure sector. Alongside his brothers, he has transformed PNC into a trusted name. Their teamwork makes them one of UP’s most influential business families.
Yashovardhan Agarwal – INR 4,000 Crore
Company
PriyaGold
City
Noida
Industry
Food & Beverages
Background
Family-run business
Lifestyle
Owns food factories, distribution networks, and luxury vehicles
Main Income
Biscuits, snacks, and beverages
Contribution
Developed PriyaGold into a top snack brand
Yashovardhan Agarwal shows that traditional industries like food can create modern billionaires. PriyaGold has become a household name under its leadership. His success demonstrates the enduring potential of consumer goods businesses in UP.
Conclusion
Uttar Pradesh is emerging as more than just India’s political and cultural center; it’s also becoming an economic powerhouse. From Kanpur and Noida to Prayagraj and Agra, these entrepreneurs have built businesses that not only brought them immense wealth but also boosted the state’s economy and created countless opportunities.
Their ventures span diverse industries like FMCG, fintech, infrastructure, edtech, and food & beverages, showing that UP’s growth story is multi-faceted. Many of these leaders started with modest beginnings, yet through innovation, persistence, and strong family support, they turned local enterprises into nationally recognized brands. As a result, Uttar Pradesh is now not just a hub for culture and politics, but also a fertile ground for entrepreneurship, innovation, and wealth creation.
Muralidhar Gyanchandani – RSPL Group (Ghadi Detergent)
Bimal Gyanchandani – RSPL Group (Ghadi Detergent)
Vijay Shekhar Sharma – Paytm
Dinesh Chandra Agarwal – IndiaMART
Sachin Agarwal – Policybazaar
Alakh Pandey – PhysicsWallah
Pradeep Kumar Jain – PNC Infratech
Chakresh Kumar Jain – PNC Infratech
Naveen Kumar Jain – PNC Infratech
Yashovardhan Agarwal – PriyaGold
Which industries are making billionaires in Uttar Pradesh?
Key industries driving wealth creation in Uttar Pradesh are FMCG, fintech, B2B e-commerce, infrastructure, edtech, and food & beverages.
Is Uttar Pradesh becoming a business hub in India?
Yes, Uttar Pradesh is rapidly growing into a business hub, with cities like Kanpur, Noida, Agra, and Prayagraj producing successful business leaders who contribute massively to India’s economy.
A decisive step toward international expansion was taken by Paytm Cloud Technologies Ltd, a subsidiary of Indian fintech Paytm, with the incorporation of a new wholly owned subsidiary in the United Arab Emirates. Named Paytm Arab Payments LLC, the new entity was formed with an equity infusion of AED 8 million, equal to about USD 2.1 million or INR 18.41 crore, at an exchange rate from the time of reporting.
As per official documents, this subsidiary will center on the introduction of Paytm’s technology-based merchant payment apparatus and its financial services in the UAE market. The goal is to serve an increasingly digital finance-hungry region and to further Paytm’s global diversification strategy. More noteworthy is that this move doesn’t require any regulatory or governmental head nod, which means that Paytm seamlessly glides into the Middle Eastern financial world.
Broader Global Vision Unfolds
The international expansion of Paytm into the UAE is part of a wider global strategy, as it seeks to diversify far beyond its Indian base. In the UAE, as in Saudi Arabia and Singapore, subsidiaries will be set up that follow the legal requirements of those countries and carry out what Paytm calls “regulatory lite” operations. Paytm operates much like a bank, but isn’t licensed as one by the RBI. The company’s stated goal is to work under a structure in foreign markets that keeps it as close to a banking operation as possible, without crossing any lines.
The company has shown its willingness to explore many growth models as it pushes into international markets. This includes forming strategic partnerships, entering into local licensing arrangements, and making acquisitions. By founding Paytm Arab Payments LLC in Dubai, the company has taken the first concrete step along this path, putting it in a position to do business both in the Middle East and elsewhere in North Africa, while still trying to accomplish some of the same, albeit virtual, aims in the much larger opportunity that is India.
Refocusing After Regulatory Headwinds
This development also arrives just after Paytm re-established its core focus on the payments business. Last year, the company faced a work stoppage from the Reserve Bank of India (RBI) that gummed up the operation of its banking business and demanded specific corrections. Now Paytm has the authority of the RBI, and the company is back on track, but it is back on track in a way that emphasizes the very focus of the company pre-RBI work stoppage.
This path is bolstered by recent product introductions, especially the new and improved version of its soundbox payment device. This model, which has a real-time visual display, is actually the next-gen soundbox and a truly intelligent payment device. Merchants and customers now get real-time information through this device, making it not just a soundbox but a kind of pay station that talks to you.
Paytm Money got the go-ahead from SEBI earlier this year to function as a research analyst. This, too, is seen as the company working its way into wealth management, which, like insurance, is a sector in which tech companies have so far been largely unsuccessful. But service-based wealth management, which doesn’t require investment in technology to the degree that robo-advisors do, might provide Paytm with a smooth entry into a sector that already generates stable, fee-based revenues.
On 16 April, Paytm revealed that Vijay Shekhar Sharma, the company’s founder and CEO, had renounced 21 million employee stock options worth over INR 1,800 crore. This action came months after the Securities and Exchange Board of India (SEBI) had sent him show-cause notices for breaking the rules governing the granting of share-based employee benefits. Vijay Shekhar Sharma, the company’s chairman, managing director, and chief executive officer, notified the company in a letter dated April 16, 2025, that he had voluntarily renounced all 2,10,00,000 ESOPs that had been granted to him under the One 97 Employees Stock Option Scheme, 2019, with immediate effect, according to a regulatory filing made by Paytm to the stock exchanges.
How this will Change the Business Dynamics of Paytm?
According to the filing, the company’s ESOP programme has refunded the remaining unvested ESOPs to the ESOP pool, while some have been terminated. The business added that this action will lead to a one-time, non-cash acceleration of INR 492 crore in ESOP expenses in Q4 FY 2025, as well as a corresponding reduction in ESOP expenses in subsequent years. In addition, Paytm stated that when it releases its Q4 Q4FY25 results, it will provide information about its ESOP cost timeline. A year prior to Paytm’s 2021 IPO, Sharma held a 14.7% stake in the fintech company. He transferred 30.97 million shares to Axis Trustee Services, which operated on behalf of Sharma’s family trust, in order to lower his ownership to 9.1% and qualify for ESOP incentives. Due to suspected factual misrepresentation, Sharma and other board members who served during Paytm’s November 2021 IPO received notices from SEBI.
SEBI’s Move Forced Sharma to React
In August 2024, Paytm received a show-cause notice from SEBI for Vijay Shekhar Sharma’s ESOP grant, which violated the regulations governing share-based employee perks. Large shareholders who have the power to affect business decisions are prohibited from owning ESOPs under SEBI’s market regulations. The corporation made improvements to its ESOP plan in March, including tying ESOP vesting to the most recent appraisal exercise’s annual performance ratings. Additionally, Paytm has distributed ESOPs to qualified workers at least twice in the last six months and increased the size of its ESOP pool in recent months.
Since its listing in November 2021, One97 Communications, the parent company of Paytm, has never reported a positive EBITDA. Nonetheless, it has continuously emphasised EBITDA prior to ESOP expenditures as a crucial indicator. On May 30, 2025, the business is expected to release the results of the March quarter. An international news outlet reports that Paytm is anticipated to disclose an adjusted net loss of roughly INR 9 crore and an EBITDA of INR 64 crore on revenue of INR 2,051 crore. It recorded an EBITDA of INR 559 crore for FY24 (excluding ESOP charges).
The ministry of commerce and industry said in a statement on 26 February that the Department for Promotion of Industry and Internal Trade (DPIIT) and digital payments company Paytm have inked a memorandum of understanding (MoU) to promote innovation and quicken the expansion of fintech and manufacturing startups in India. Paytm will provide businesses with market access, financial opportunities, infrastructure support, and mentorship as part of the relationship.
According to the press announcement, the partnership’s goal is to assist fintech hardware entrepreneurs in developing and scaling payment and financial technology solutions by providing them with innovation assistance and mentorship. Through workshops and guidelines developed in partnership with government and industry entities, it will also offer regulatory and compliance support.
Offerings of the MoU
Through the partnership’s infrastructure and market access support, businesses may take advantage of Paytm‘s vast merchant network to test, validate, and improve their solutions. In front of senior representatives from both organisations, DPIIT Director Sumeet Kumar Jarangal and Paytm Founder and CEO Vijay Shekhar Sharma signed the Memorandum of Understanding. This collaboration with Paytm is an important step in bolstering India’s startup environment, according to DPIIT Joint Secretary Sanjiv. DPIIT wants to help entrepreneurs overcome obstacles, scale their businesses, and help India become a worldwide innovation hub by utilising Paytm’s fintech infrastructure and skills.
Paytm for Startups Initiative
Paytm will introduce specific programs to assist fintech hardware manufacturers, such as Soundbox and PoS/EDC device makers, in expanding effectively as part of its Paytm for Startups effort. Mentorship programs, financial access via investor connections and incubation programs, regulatory guidance through industry-focused workshops, and recurring tracking and effect evaluations are all part of the projects.
The Paytm Foundation will fund deep-tech startups in the fields of Mobility, agritech, Web3, and Climate Technology through its CSR division. According to Vijay Shekhar Sharma, the current period is the optimal moment for startups to begin and expand under the leadership of Prime Minister Narendra Modi. Paytm is dedicated to enabling business owners by providing access to state-of-the-art technology, financial support, and mentorship. Through this partnership, the company will guarantee that startups have the resources they need to thrive from the ground up.
Financial Dynamics of Paytm
Thanks to the rebound in its digital payments sector, the fintech giant reduced its consolidated net loss from INR 221.7 Cr in the December quarter of Q3 FY25 to INR 208.5 Cr, a 6% decrease. Additionally, Paytm’s operating revenue decreased 36% from INR 2,850.5 Cr in Q3 FY24 to INR 1,827.8 Cr in the reviewed quarter.
Nevertheless, Vijay Shekhar Sharma, Founder and CEO, stated that the fintech company is on course to achieve profitability in the upcoming quarter (Q1 FY26) in accordance with the management’s expectations. Additionally, Paytm CFO Madhur Deora stated on the Q3 FY25 earnings call that the business anticipates becoming profitable on an adjusted EBITDA basis within a quarter or two.
The Central Goods and Services Tax (CGST) Department has penalised the fintech business Paytm and its CEO, Vijay Shekhar Sharma, for allegedly failing to issue tax bills to its clients in a compliant manner. Sharma was penalised INR 59.94 lakh for the penalty, while One97 Communications, the company that runs the Paytm brand, was fined INR 1.19 crore.
The Noida-based business stated that it was considering all of its options, including appealing the Joint Commissioner, CGST Delhi North’s ruling. According to Paytm’s official statement, the business is considering all of its options, including appealing the order, and feels that the penalty demand cannot be maintained based on its evaluation and professional counsel.
Earlier, RBI Also Imposed Penalty on Paytm
The company’s affiliated entity, Paytm Payments Bank, was fined INR 5.39 crore by the Reserve Bank of India (RBI) in October 2023 for a number of violations, including Know Your Customer (KYC) regulations.
In the third quarter of the fiscal year 2025 (Q3FY25), the company’s losses decreased from INR 219.8 crore in Q3FY24 to INR 208.3 crore. The loss comes after the company recorded a profit of INR 928.3 crore for the September quarter, which was primarily driven by the sale of its movie and ticketing business to Zomato.
Sharma Positive for Business Operations in 2025
Regarding the company’s financial future, Sharma told a media outlet that the company is determined to turn a profit the following quarter—EBITDA before ESOP. He continued by saying that the company’s substantial cash reserves and cost-effective cost structure are key factors in the company’s impending profitability.
Sharma voiced hope about regaining lost ground regarding Paytm‘s market share in the UPI ecosystem, which has significantly decreased to 5.5%. “We weren’t allowed to onboard at all,” he explained, attributing the fall to regulatory obstacles rather than problems with trust. The regulatory understanding caused us to halt our operations. After that, I’m thrilled that we’re gaining millions of new clients without spending any money on marketing.”
Sharma outlined a well-defined recovery plan that prioritised product innovation and increased UPI ecosystem engagement. “It’s a product gap, deeper integration into the UPI ecosystem, and more merchant acquisition, which creates a flywheel that will bring our consumer back,” he stated. Sharma pointed out that Paytm has a competitive advantage thanks to its robust product features and well-known brand.
Paytm Looking to Expand Its Market Share
Regarding market share, Sharma said that it must increase rationally and that there is a network impact at the same time. “The major thing is still bigger, and there is a small amount; we could attract more clients if we could add additional features and services. Retaining customers is more about the qualities of the product and how it fits into their life. I can assure you that the best part is that our brand remembers the features and the service; if we can restore them, market share will return,” he added.
As the Vijay Shekhar Sharma-led fintech giant Paytm seeks to grow and monetise its tech-enabled payments and financial services in global markets, it intends to establish three new companies through its subsidiary Paytm Cloud Technologies in the United Arab Emirates, Saudi Arabia, and Singapore. The company stated in an exchange filing on January 20 that the board of its wholly owned subsidiary, Paytm Cloud Technologies Limited (PCTL), had given its approval for the three new businesses to be incorporated. These companies will become Paytm’s step-down subsidiaries after they are established. Paytm thinks there is room for growth in comparable foreign countries with its technology-driven merchant payments and financial services distribution business strategy in India. According to Paytm, the company has created a portfolio of cutting-edge hardware, software, and services in India that can be used and profited from globally.
Options Considered by Paytm
According to the publicly traded fintech, Paytm is looking into a number of options in these foreign markets, such as partnerships, local licensing, strategic investment, and inorganic growth. Within six months, the wholly owned subsidiaries will be established, requiring an initial investment of up to INR 20 Cr in one or more tranches for each of these business units. The board of Mobiquest Mobile Technologies, another Paytm affiliate, has given the company permission to sell off all of its 100% ownership in Xceed IT Solutions, a wholly owned subsidiary. Vineet Narang and Sabina Kamal, the current directors of Xceed IT, will purchase these shares for INR 60,728 in cash. In the information technology (IT) industry, Mobiquest Mobile Technologies offers computer programming, consulting, and associated services.
Financial Dynamics of Paytm
In the third quarter of the fiscal year 2024-25 (Q3 FY25), Paytm was able to reduce its consolidated net loss from INR 221.7 Cr in the previous quarter to INR 208.5 Cr, a 6% decrease. In the September quarter of the current fiscal year, the corporation declared a net profit of INR 930 Cr. From INR 2,850.5 Cr in the same time last year to INR 1,827.8 Cr in the current quarter, operating revenue fell 36%. On the other hand, it increased 10% from INR 1,659.5 Cr on a quarterly basis.
India’s Fintech Ecosystem Still Leading the Global Race
In spite of this downturn, the Indian fintech ecosystem is one of the top three globally financed fintech ecosystems in H1 2024, after the US and the UK. According to Tracxn’s Geo Semi Annual Fintech India Report for H1 2024, the ongoing funding winter and a number of other geopolitical challenges are to blame for the funding fall. Compared to one in H2 2023, two funding rounds totalling more than $100 million were observed during that time. These include the $120 million Series C funding round raised by lending platform Avanse and the $144 million Series D funding round raised by non-banking lender Credit Saison.
In our daily lives, making bill payments and transactions used to rely solely on handling cash. Nonetheless, the shortcomings of cash-based techniques have been brought to light by the changing needs of the market and the move towards digital transactions.
Enter Paytm, an innovative digital payment app that has been available in India since 2010 and has completely changed the way that transactions and bill payments are made. Paytm, a smooth substitute, has been important in the transition to digital financial transactions, signifying a noteworthy turning point in India’s payment history.
In this article, we will delve into the successful journey of Paytm, its founder, history, business model, funding, acquisitions, competitors, and more.
Vijay Shekhar Sharma launched Paytm, a well-known provider of digital payments and financial services. Paytm was initially designed to make online money transfers easier for consumers and businesses alike, but it has gradually expanded its services. Later, it offers financial services, eCommerce capabilities, and cell and DTH recharging assistance. Indians have come to love this platform since it is so convenient and easy to use. Paytm company was established in 2010.
With the goal of assisting Indian app developers and entrepreneurs, Paytm has expanded its offerings over time to include stockbroking, the National Pension System (NPS), Paytm First Games, Paytm Insurance, and a mini app store. Paytm’s dedication to provide its users a wide range of easily accessible financial products is reflected in this expansion.
Paytm – Industry
According to a Statista study report, the fintech industry in India with the biggest growth potential is expected to be investment tech, which is expected to develop at a rate of 30% between 2022 and 2030. The financial software as a service industry is projected to grow at a Compound Annual Growth Rate (CAGR) of 27% during the same time frame. Based on an informative analysis by Statista, the country’s fintech business is expected to be valued at over $2 trillion USD in 2030, indicating a dynamic and booming ecosystem.
Paytm – Founder and Team
Paytm was founded by Vijay Shekhar Sharma in 2010.
Vijay Shekhar Sharma Co-Founder and CEO of Paytm
Vijay Shekhar Sharma
Vijay Shekhar Sharma, the founder and CEO of Paytm, made significant strides in the business world, earning recognition and accolades for his entrepreneurial prowess. In 2017, Forbes named him the youngest billionaire in India, putting his net worth at $1.3 billion. A notable winner of the Uttar Pradesh government’s highest civilian award, the Yash Bharati, Sharma cemented his standing in the corporate world. He was listed as the 62nd richest person in India by Forbes in 2020.
Vijay Shekhar Sharma started his academic career at Delhi College of Engineering, where he studied electronics and communications for his B.E. His career path led him through roles such as Business Development at RiverRun Software Group and Tech Head at India Today Group Online. Eventually, he founded One97 Communications Limited, the parent company of Paytm, and further expanded his influence by founding Paytm Payments Bank.
Sharma’s impressive career path highlights his business savvy and enduring influence on the financial technology scene in India.
Vijay Shekhar Sharma’s entrepreneurial journey commenced in Aligarh, where his middle-class upbringing instilled determination and resilience. Vijay was educated in Hindi, so he had to overcome a language barrier. Nevertheless, he performed well academically and was accepted to Delhi College of Engineering, where he eventually received a B.E. in Electronics and Communications Engineering.
Vijay’s entrepreneurial journey began when he created indiasite.net while still a college student in 1997. His ambition persisted even after selling the website after two years. He established One97 Communications in 2000 and provides services for mobile content. This business endeavor served as an introduction to Paytm, which began operations in 2010 in Noida with a $2 million initial investment. Under Vijay’s inspiring direction, Paytm quickly changed from a distributor of mobile entertainment to a pioneer in digital payments in India.
Vijay Shekhar Sharma’s startup story not only encapsulates his personal journey of overcoming challenges but also mirrors the transformative growth and impact of Paytm on India’s fintech landscape.
Paytm – Mission and Vision
Mission: The company mission on its website is “We will bring Half-a-Billion Indians to the Mainstream Economy.”
Vision: The company vision is to become India’s leading payments App.
Paytm – Name, Tagline, and Logo
Paytm Logo
Paytm is a venture under the umbrella of its parent company, One 97 Communications.
Paytm – Products and Services
Paytm Mall Launch (February 2017): Paytm introduced Paytm Mall in February 2017 as part of a calculated effort to break into the eCommerce space. Alibaba provided an initial $200 million capital infusion to Paytm Mall, which was then able to maintain steady backing from Ant Financial and Alibaba in order to strengthen the Paytm wallet.
Contactless In-Store Ordering Innovation (April 2020): Paytm introduced the concept of ‘contactless in-store ordering’ to promote minimal physical contact in the wake of the COVID-19 pandemic. This initiative aimed to redefine the retail experience and enhance safety measures.
Paytm Contactless Ordering
Mini App Store Introduction (October 5, 2020): In an attempt to counter the Google Play Store’s hegemony in the digital space, Paytm launched a micro app store to assist Indian app developers and entrepreneurs.
Card SoundBox Design Launch (July, 2023): Paytm unveiled the Card Soundbox, a revolutionary device empowering merchants to seamlessly accept mobile and card payments across various networks, including Visa, Mastercard, American Express, and RuPay. The device simplifies transactions with a convenient ‘tap and pay’ feature, showcasing Paytm’s commitment to innovative payment solutions.
Pioneering India’s QR and mobile payments revolution, Paytm’s business model centers on advancing financial inclusion through a broad spectrum of payments and financial services. The key components of this model can be summarized as follows:
Comprehensive Payments Ecosystem: The core of Paytm’s business model is to attract merchants and customers by offering a wide range of payment options. With UPI acting as a low-cost acquisition channel, the platform cross-sells high-margin banking and merchant services by utilizing insights.
Empowering Customers: In addition to Paytm Payment Instruments, Paytm offers a variety of third-party payment choices, such as cards and online banking, to empower its users. They make it easier to pay for things online, promoting convenience with the Paytm app and allowing QR code-based in-store and third-party app transactions.
Subscription-Led Ecosystem for Merchants: Paytm provides its partners with technology tools so they may take payments using a variety of methods. Reconciliations are made easier by subscription-based devices, and beginning merchants can accept payments using a free mobile QR code, mostly using Paytm Payment Instruments or UPI.
Merchant Growth Through Platform Engagement: When customers use the platform’s payment options, it encourages merchants to sign up as well, which feeds back into itself and results in a high volume of repeat business. Significant consumer stickiness and retention are fueled by this combination.
Paytm – Revenue Model
Paytm generates revenue through a diversified set of streams, some of the prominent one are listed below:
Profitable UPI Use: Paytm makes money through the widely-used Unified Payments Interface (UPI).
Monetization avenues: Paytm makes money on its platform through selling of loans and payment devices, as well as from subscription revenue, payment processing fees, and marketing services it offers to other companies via its Commerce and Cloud business.
Co-Branded Credit Cards: Co-branded credit card partnerships with banks such as SBI and HDFC generate income from upfront distribution and lifetime usage fees.
Diverse Revenue Streams: Paytm’s strong business strategy guarantees profits from non-UPI and UPI transactions, resulting in a steady and stable flow of income.
Paytm – ESOPs
As of August 15, 2021, 166 former and current workers of Paytm who exercised their options under the ESOP Scheme 2008 and ESOP Scheme 2009 have received approximately 10,11,582 equity shares valued at Rs 189 crore. This action is a component of Paytm’s continuous dedication to appreciating and thanking its employees. Employee incentives were further enhanced by the company’s May 2022 grant of stock options valued estimates at Rs 222 crore under the ESOP plan.
Furthermore, Paytm revealed the granting of 17,06,829 stock options through the ‘One 97 Employees Stock Option Scheme 2019’ to eligible employees. By providing perks to qualified workers, this program seeks to increase their involvement in the expansion of the business.
Based on the stock prices of One97 Communications of July, 2023, Fintrackr has estimated that the total value of the new ESOPs given by the company is around Rs 145 crore. Paytm’s attempts to promote employee involvement and connect their interests with the company’s long-term development are in line with this strategic allocation of equity shares.
Paytm – Challenges Faced
Paytm has encountered a series of challenges as it sought to reshape the cultural landscape of India, where both internet access and smartphones were once deemed unaffordable. The company has faced hurdles included critical issues such as transaction glitches, advertising missteps, and even a trademark infringement case against the Paytm brand.
In 2018, Paytm faced a significant challenge when its e-commerce arm, Paytm Mall, allegedly experienced a major data breach on August 30. Firefox Monitor reports state that the hacked data included sensitive information such phone numbers, email addresses, and dates of birth for approximately 3.4 million clients. However, according to reports dated July 28, 2022, Paytm denied these allegations and insisted that all users’ data was secure.
On September 18, 2020, the Google Play Store abruptly removed the Paytm app, purportedly for breaking rules regarding unlicensed gambling apps.
As for 2022, on August 1, 2022, reports surfaced that three Paytm employees had burned PhonePe QR codes in bulk. This presented a new challenge. PhonePe responded by reporting the incident to the police.
When the Reserve Bank of India (RBI) ordered Paytm Payments Bank to stop accepting new clients owing to supervisory concerns, the bank faced a major obstacle in the regulatory environment of 2022.
Ultimately, Paytm made strategic steps to optimize costs in 2023 in response to financial concerns. On December 25, 2023, a news source stated that the corporation has started a workforce reduction program, with at least 1,000 employees being let go from a variety of divisions. This action showed the company’s dedication to solving problems by maximizing staff expenses.
In the wake of the Reserve Bank of India’s proceedings against Paytm Payments Bank, Paytm is facing regulatory issues. Because of continuous non-compliance and supervisory concerns, the RBI has prohibited fresh deposits from March 15, 2024, as per news report of February 18, 2024. This emphasizes how important it is for the fintech industry to follow regulations.
Paytm – Funding and Investors
The company has raised funding of around $3.54 billion over 15 rounds of funding.
Here are some of the most prominent funding rounds for Paytm:
Date
Stage
Amount
Investors
November 2019
Series G
$1 billion
T Rowe Price
August 2018
–
$356 million
Berkshire Hathaway
February 2017
Funding Round
$29.64 million
Vijay Shekhar Sharma
March 2015
Secondary Market
–
–
February 2015
Private Equity Round
–
–
January 2014
Series A
–
–
Paytm – Investments
Paytm has invested in 19 companies to date. The Indian fintech unicorn further revealed on May 21, 2022, that it would be investing a total of Rs 950 crore in Paytm General Insurance Limited (PGIL) in multiple tranches over the next 10 years.
Here’s a list of the prominent investments in Paytm:
Company Name
Funding Amount
Funding Round
Lead Investor
Date
Fable Fintech
–
Series A
–
June 2, 2021
Rooter
$1.7 million
Seed Round
Yes
May 4, 2020
HungerBox
$12 million
Series C
–
December 17, 2019
Infinity Infoway
–
Corporate Round
Yes
December 3, 2019
HungerBox
$8.1 million
Series C
–
August 20, 2019
TapChief
$650K
Seed Round
–
June 26, 2019
HungerBox
$15 million
Series C
Yes
May 27, 2019
Paytm Entertainment
$9 million
Venture Round
Yes
June 26, 2018
Paytm Money
$1.3 million
Venture Round
Yes
June 6, 2018
Paytm Payments Bank
Rs 122 crore
Venture Round
–
November 23, 2017
Exit
The company has exited from four companies: Little, CreditMate, TapChief, and AbhiBus.
Paytm – Acquisitions
Here are the notable acquisitions made by Paytm:
Acquired
Date
Amount
CreditMate
October 4, 2021
–
Balance
August 9, 2018
–
NightStay
July 3, 2018
$20 million
Cube26
June 19, 2018
–
TicketNew
May 23, 2018
$40 million
Nearbuy
November 13, 2017
–
Little
November 13, 2017
–
Insider.in
June 20, 2017
$5.42 million
Shopsity
November 11, 2016
–
Edukart
September 26, 2016
–
Paytm – Growth
Since its establishment in August 2010, Paytm has firmly established itself as the most popular payments app in India, routinely ranking among the top UPI apps in the nation.
Furthermore, as per the company’s records with the Registrar of Companies, Paytm has rebranded itself as “Pai Platforms” in a calculated move, according to news dated February 9, 2024. This development is consistent with the company’s resolve to innovate and adjust to the changing Indian digital market environment.
Some of the prominent company’s growth highlights are:
Paytm monthly active users surpasses 10 crore as per the news report of January 23, 2024.
As of January 2024, Paytm boasts over 300 million wallets and 30 million bank accounts, reflecting widespread adoption.
Paytm revealed that merchants’ Gross Merchandise Values (GMV) increased by an astounding 39% year over year to Rs 1.47 lakh crore as per news report of August 2023.
Merchant subscriptions experienced substantial growth, reaching 82 lakh, with an addition of 41 lakh new subscriptions as per news report of August 2023.
The number of monthly users on the platform increased significantly by 19%, to an astounding 9.3 crore as per news report of August, 2023.
The user base of Paytm exceeded 58 million account holders as of March 2022, highlighting its continuous growth and popularity in the digital payments landscape.
Paytm became India’s first payment app to cross 10 crore app downloads in 2017, which was a major milestone.
Paytm Quarterly FY25 Financials
Paytm Quarterly FY25 Financials
Q3FY24
Q3FY25
Operating Revenue
INR 2850 crore
INR 1828 crore
Total Expenses
INR 3216 crore
INR 2220 crore
Profit/Loss
INR -222 crore
INR -208 crore
Paytm Quarterly FY25 Financials
In Q3FY25, Paytm reported an operating revenue of INR 1828 crore, down from INR 2850 crore in Q3FY24. Total expenses also reduced from INR 3216 crore to INR 2220 crore. As a result, net loss improved slightly from INR 222 crore in Q3FY24 to INR 208 crore in Q3FY25.
According to the news report of January 19, 2024, the company’s income from operations increased by 13.2% to INR 2,850.5 crore in the third quarter of the fiscal year that ends in March 2024, from Rs 2,518.6 crore in Q2 FY24. When compared to Rs 2,062.2 crore in Q3 FY23, the operating revenue grew by 38.2%.
Comparing Q3 FY24 to Q2 FY24, the company’s overall expenses increased to INR 3,216.3 crore from INR 2,936.7 crore. Interestingly, Paytm’s losses in Q3 FY24 dropped to INR 221.7 crore from INR 291.7 crore in Q2 FY24, a 24% decrease.
Expenses Breakdown FY22-FY23
Paytm Expenses Breakdown
FY22
FY23
Payment Processing
Rs 2,454 crore
Rs 2,958 crore
Employee Benefits
Rs 2,432 crore
Rs 3,788 crore
Marketing and Promotions
Rs 855 crore
Rs 1,076 crore
IT Infrastructure
Rs 500 crore
Rs 694 crore
Others
Rs 1,360 crore
Rs 1,624 crore
EBITDA FY22-FY23
Paytm FY22-FY23
FY22
FY23
EBITDA Margin
-38.95%
-14.54%
Expense/Rs of Op Revenue
Rs 1.53
Rs 1.27
ROCE
-15.67%
-12.66%
Paytm – Sponsorship
Paytm has emerged as the official sponsor of the 37th National Games, which took place at the Jawaharlal Nehru Stadium in Fatorda, South Goa, The competition was officially inaugurated by Prime Minister Narendra Modi.
“We are excited to be the official sponsor for the National Games in Goa. As pioneers of mobile payments in India, we have been working towards our mission to bring half a billion Indians into the mainstream economy. From our leadership in in-store payments, empowering merchants with digitalization of their business to enabling users with seamless and accessible payments, we are championing Digital India.” said Abhay Sharma, Chief Business Officer.
BCCI awards Paytm the company its title sponsorship rights for BCCI International and Domestic seasons between 2019 and 2023. However, Paytm asked to pull out of the deal, and Mastercard replaced Paytm, as per the reports dated July 26, 2022.
Paytm was the associate sponsor of the Sony TV network, which was awarded the telecast rights of IPL.
Paytm – IPO
One97 Communications, the parent company of Paytm, filed a draft red herring prospectus with the Securities and Exchange Board of India in July 2021, indicating its intention to begin an initial public offering (IPO), which was a big step toward becoming public.
Then, in November 2021, Paytm pulled off a successful IPO, raising a whopping Rs 18,300 crore (US $2.3 billion) and reaching a US $20 billion valuation. This accomplishment represented a turning point in the business’s history, demonstrating the trust of investors and adding to the changing Indian financial market environment.
Paytm – Value Proposition
Paytm’s primary service proposition was initially centered around recharging, which remains a prominent aspect of its business. Over time, the company diversified its services, introducing the Paytm Wallet, e-commerce vertical, Digital Gold, and more.
Paytm creates value for Merchants
The company adds value to businesses by providing a variety of digital payment methods, encompassing traditional options like debit and credit cards and innovative solutions like QR codes, email links, text messages, and its digital wallet. Additionally, Paytm supplies the necessary hardware for in-store purchases and integrates payment services into its Smart Retail platform, offering retailers a comprehensive solution for managing payments, analytics, inventory, and customer engagement.
Paytm creates value for individuals
Paytm garnered recognition for empowering customers to go cashless without the hassles of opening a bank account, generating value for consumers in a nation where cash payments have historically been the norm.
Paytm – Awards and Achievements
Paytm has won numerous accolades. Following is a list of a few of the well-known ones:
2012: Paytm received the ‘Most Innovative Startup of the Year’ Award from Franchise India.
2013: The company was recognized with the Knowledge Fabre Best Mobile Wallet Program Award.
2014: Paytm achieved ‘Gold Winner’ at the MMA Smarties in the Mobile App category and was the winner of the Indian Express IT Award.
2015: Paytm secured the Best Digital Wallet Award at IAMAI India Digital Award.
2016: Paytm was the winner of the FT Future of Fintech Award and also received the ET Brand Equity Most Trusted Brand of the Year.
2017: Paytm was honored with the Diamond SABRE Award in the Company of the Year category at SABRE Awards.
Paytm – Partnerships
October 22, 2018: Paytm has collaborated with Softbank Group and Yahoo Japan to launch its e-wallet service in Japan called PayPay.
Paytm was also announced as the official partner of the Mumbai Indians.
June 22, 2020: Paytm partnered with Tata Starbucks on June 22, 2020, which is a pan-India partnership for a contactless dining solution.
February 26, 2021: Paytm and Ola partnered with IndusInd Bank and applied to the RBI for the NUE license.
April 19, 2021: Paytm saw a partnership with the Life Insurance Corporation of India to help facilitate digital payments.
July 19, 2021: Paytm partnered with IndusInd Bank to enable payments from the fixed deposit accounts held by the users of the latter.
August 23, 2021: Paytm partnered with HDFC Bank to provide solutions across payment gateways, POS machines, and other credit products.
September 27, 2021: Paytm brings real-time international remittances into the Paytm mobile wallet by partnering with Ria Money Transfer.
December 3, 2021: Paytm partnered with PMS Bazaar with a view to helping manage the portfolio of HNIs, who have a minimum investment of Rs 50 lakh.
November 15, 2023: Paytm has partnered with Amadeus, and for the next three years, it will include the travel technology company’s platform into search, booking, and payment processes.
In August 2024, Zomato acquired Paytm’s movie and event ticketing business for $244.2 million (20.5 billion rupees). This deal allows Zomato to expand its services beyond food delivery into ticketing. Paytm customers can still use their tickets for current and future events.
Paytm, an Indian digital payments company, is focusing on strengthening its core payment business, using new technologies like AI, and rebuilding trust with investors and regulators. It plans to cross-sell financial services, apply for a payment aggregator license from the RBI, and focus on distributing financial services for long-term growth. Founder Vijay Shekhar Sharma emphasized a compliance-first approach for the company’s future success.
The company, known for its innovative financial services platform, is set to extend its footprint to the global market, signaling a significant leap in its reach and influence.
Notably, Paytm envisions not only broadening its geographical presence but also aspiring to become a leader in AI technology within the financial services sector.
FAQs
What is Paytm?
Paytm is an Indian digital payments and financial services company. It offers services like mobile payments, online shopping, ticket booking, and financial services such as loans and insurance. Founded by Vijay Shekhar Sharma, Paytm aims to simplify financial transactions for consumers and businesses.
Who is the current owner of Paytm?
Paytm is owned by the Indian company One97 Communications Ltd.
Is Paytm a Chinese company?
Paytm is an Indian company, but one of its major investors is Ant Financial, which is a major Chinese investor. Resilient Asset Management, wholly controlled by Vijay Shekhar Sharma, received a 10.3% shareholding in the Noida-based business from Ant Financial in 2023.
What is Paytm launch date in India?
Paytm was launched in 2010.
Why was Paytm banned?
Paytm was banned from the Play Store for allegedly violating its gambling policies.
Is Paytm for businesses free?
Yes, there are no charges for setting up your Paytm for Business account.
What is the Paytm CEO’s name?
The name of the Paytm CEO is Vijay Shekhar Sharma, who has been the founder and CEO of the company since it was founded back in 2010.
What is vision of Paytm?
Paytm vision is to become India’s leading payments App.
What is Paytm origin country?
Paytm is an Indian fintech company that specializes in digital payments and ecommerce and comes with the facility of digital wallets.
Paytm operates in how many countries?
Paytm currently operates in India, where the Paytm payments bank was founded, and in two other countries, namely Canada and Japan, as of now.
Which country made or developed the Paytm app?
Paytm is developed in India, and the development of Paytm and its processes happens internally. Therefore, even the Paytm app and numerous other things associated with the brand and its functioning are developed internally by the brand itself.
Is Paytm profitable?
In Q3FY25, Paytm reported an operating revenue of INR 1828 crore, down from INR 2850 crore in Q3FY24. Total expenses also reduced from INR 3216 crore to INR 2220 crore. As a result, net loss improved slightly from INR 222 crore in Q3FY24 to INR 208 crore in Q3FY25.
What are the countries where Paytm is available?
Though Paytm is an Indian company, it supports international payments from over 200 countries with the help of all major international cards, even without any additional API integration.
A unicorn is a privately held startup with a valuation of $1 billion or above. This financial milestone raises these companies in the eyes of investors, entrepreneurs, and the general public, as only a few companies achieve such high valuations before going public or being acquired. Unicorns have a remarkable ability to grow rapidly and exponentially. Their growth is not gradual; instead, it follows an aggressive and fast path that allows them to increase their market share quickly.
Innovation is at the heart of unicorn enterprises. They are renowned for bringing innovative and game-changing concepts to their specialized fields, frequently utilizing state-of-the-art technology and breaking new ground in business structures.
There are more than 1,000 unicorn companies in the world. As of January 2024, India has 111 unicorn startups, making it the world’s fastest-growing startup ecosystem.
Starting your own business is a difficult road full of obstacles and uncertainties. However, even in this turbulent environment, some exceptional people repeatedly overcome obstacles. In the ever-changing world of business innovation, these trailblazers stand out as the creators of not one but several unicorn enterprises. Their experiences serve as the perfect example of determination, intelligence, and an unmatched ability to spot possibilities amid chaos.
Co-founder and CEO of OLA Cabs, Founder of OLA Electric
Bhavish Aggarwal
Bhavish Aggarwal was born in Ludhiana, Punjab, on August 28, 1985. He is an Indian businessman who founded Ola Electric and co-founded Ola Cabs. Aggarwal, an IIT Mumbai alumnus, started his professional career with Microsoft, where he worked for two years, filed two patent applications, and published three articles in international journals.
In December 2010, he and a fellow student, Ankit Bhati, created the ridesharing business Ola Cabs, an ANI Technologies division. Ola achieved its first significant milestone in July 2014, reaching 10,000 rides per day. As the CEO of Ola Cabs, he introduced several divisions, including mobile payments and wallet services through OlaMoney and Ola Fleet.
In December 2017, Ola Cabs purchased Foodpanda‘s Indian business, thereby breaking into the food delivery market. In April 2022, he resigned as CEO of Ola Cabs to concentrate on Ola Electric. Under ANI Technologies, Bhavish Aggarwal founded Ola Electric on May 26, 2017. He initiated a trial project in Nagpur, Maharashtra, by erecting charging stations throughout the city and acquiring electric vehicles from manufacturers, including electric buses, electric rickshaws, and electric cars.
PGDM (IIM Lucknow) B.Tech (IIT Banaras Hindu University, Varanasi)
Position
MD & CEO at Xpressbees, Co-founder & COO at FirstCry
Amitava Saha
Amitava Saha is the co-founder and chief operating officer of FirstCry and the CEO of Xpressbees. Saha’s groundbreaking projects have continually disrupted sectors and transformed market landscapes. His ability to navigate unfamiliar territory with strategic insight and unshakable persistence has enabled him to establish not one but several unicorn enterprises. After completing his BTech at IIT Varanasi, he graduated with a PGDM from IIM Lucknow. Before launching Xpressbees alongside Supam Maheshwari, Amitava had positions as a Business Development Manager at Aricent, Senior Officer at Tata Steel, and Senior Business Development Executive at NIIT Technologies.
Following his decision to start FirstCry, where he held the positions of COO and co-founder, Amitava Saha went on to found Xpressbees. He has more than 17 years of expertise in sales and operations.
With an excellent nationwide supply chain management network, Xpressbees is India’s top logistics service provider. FirstCry is an online and offline business that offers a large selection of goods for mothers, infants, and children. The firm originated out of a desire to address the issue of millions of Indian parents lacking access to the top brands and baby care items for their children.
Supam Maheshwari
Name
Supam Maheshwari
Born
1974
Education
PGDM (IIM Ahmedabad), Delhi College of Engineering
Position
Co-founder & CEO at FirstCry, Co-founder of Xpressbees
Supam Maheshwari
Supam Maheshwari is the CEO of FirstCry, a baby care company headquartered in Pune, Maharashtra, India. Maheshwari completed his formal education at Apeejay School. He graduated from Delhi College of Engineering with a Mechanical Engineering degree. He later attended IIM-Ahmedabad to pursue a PGDM. After completing his MBA, he conceptualized and developed Brainvisa Technologies, which he co-founded and oversaw as CEO until 2009. He is a first-generation businessman with an astute business sense.
Supam Maheshwari was inspired to start FirstCry by his own experiences as a father looking for high-quality baby care goods for his child. He is an excellent leader and is well-known for his leadership abilities. Supam is also a co-founder of the logistics service company Xpressbees.
Naveen Tewari
Name
Naveen Tewari
Born
14 December 1977
Education
MBA (Harvard Business School)
Position
Founder & CEO at InMobi Group
Naveen Tewari
Naveen Tewari, founder and CEO of InMobi, was born and raised in Kanpur, Uttar Pradesh, in a family of academics. After working for McKinsey for three years as a consultant, Naveen graduated with an MBA from Harvard Business School. While at HBS, he started and led the India Schoolhouse Fund, a nonprofit in the United States that sponsors and establishes schools in rural India.
He dabbled in several ventures for a few years, although he could have been more successful. This included the startup and venture capital worlds. Tewari identified a market need as the mobile internet was on its way to revolution. He realized a platform was required to distribute customized advertisements on mobile devices. He launched InMobi in 2008. The ad tech business became the first unicorn in India in just three years. Tewari’s impact goes beyond the business sector. He strongly supports entrepreneurship and innovation, actively mentoring new firms and funding programs that strengthen the Indian IT sector.
Asish Mohapatra
Name
Asish Mohapatra
Born
1980
Education
PGP-MBA (ISB Hyderabad), IIT (Kharagpur)
Position
CEO of OFB Tech Pvt. Ltd
Asish Mohapatra
Asish Mohapatra is an Indian entrepreneur who has co-founded two unicorn firms in India. After obtaining his mechanical engineering degree from IIT-Kharagpur and his MBA from the Indian School of Business (ISB), he worked for Matrix Partners, a venture capital fund, for over four years.
Before he was able to launch his business, the IIT Kharagpur graduate was turned down a shocking 73 times. After receiving backing from the Japanese multinational conglomerate SoftBank Group Corp., Asish’s business became a unicorn in July 2021. It was valued at approximately $1.5 billion when it concluded a $160 million investment round.
In 2016, Asish, his wife, and a few other dedicated members of their team founded Oxyzo, an offshoot of Asish’s previous firm that provides SMEs with purchase finance and became a unicorn a year later, in 2022. The company stated that Oxyzo presently has 2000+ crores in AUM, is servicing more than 3,000 SMEs throughout India, and disburses more than 4,000 crores annually.
Asish Mohapatra’s journey demonstrates the value of patience, intelligent thought, and an in-depth comprehension of market needs. His initiatives not only help contribute to the Indian Economy but also motivate new entrepreneurs to pursue their objectives despite all obstacles.
Top 10 Indian Profitable Unicorns
Ruchi Kalra
Name
Ruchi Kalra
Born
1983
Education
Indian School of Business (Hyderabad), IIT (Delhi)
Position
Co-founder and CFO of OFB Tech Pvt. Ltd, Co-founder of Oxyzo Financial Services Limited
Ruchi Kalra
Indian businesswoman Ruchi Kalra is the co-founder of the unicorn companies OfBusiness and Oxyzo Financial Services. Ruchi completed her MBA at the Indian School of Business, Hyderabad, after earning her BTech in Chemical Engineering from IIT Delhi, and she began working as a senior business analyst at Evalueserve.
She quit her job at McKinsey in 2016 to launch her firm, OfBusiness, in the untested B2B market with her husband and six other partners. In 2017, her spouse and three other team members picked up an offshoot of their first firm. Oxyzo provides purchase finance to small and medium businesses, giving out cash-flow-based loans to aid SMEs who struggle to access working capital by employing technology that crunches data for them.
Sandeep Aggarwal
Name
Sandeep Aggarwal
Born
–
Education
MBA (Washington University in St. Louis)
Position
Founder of Droom Technologies, Shopclues
Sandeep Aggarwal
Sandeep Aggarwal is an Indian entrepreneur, angel investor, and the current CEO of Droom Technology Pvt Ltd. He was a Wall Street research analyst for fourteen years before starting his entrepreneurial journey. He was the top-ranked research analyst and worked for Collins Stewart, Oppenheimer, and Citigroup.
Sandeep established two startups: Shopclues, an online managed marketplace, in 2010, and Droom, an online vehicle marketplace, in 2014. He raised 16 million dollars in just a year. He raised 90 million dollars in multiple rounds in the following three years. Sandeep possesses a US patent, an MBA from Washington University in St. Louis, and all the qualities that make an entrepreneur successful: a combination of knowledge, creativity, and willpower. He also launched the Sandeep Aggarwal Foundation, which addresses India’s development concerns. The charity supports and uplifts different sectors of society through partnerships with groups like the Umeed charity and Zoe Mission.
Vijay Shekhar Sharma
Name
Vijay Shekhar Sharma
Born
7 June 1978
Education
B.Tech from Delhi College of Engineering
Position
Founder & CEO of One97 and Paytm
Vijay Shekhar Sharma
Vijay Shekhar Sharma was born on June 7, 1978, in Aligarh, Uttar Pradesh, and completed his B.Tech from Delhi College of Engineering. He is a technology entrepreneur and multimillionaire business magnate. He founded One97 Communications in 2000, providing mobile users with news, jokes, ringtones, cricket scores, and exam results, among other material. One97 Communications Limited is the parent business of Paytm, Sharma’s digital payment and financial services company founded in 2010. Paytm successfully raised $2.5 billion at a $19 billion valuation when it went public in November 2021, making it the largest IPO in India.
In 2018, Sharma created a stir in the financial world when he convinced Berkshire Hathaway, owned by Warren Buffett, to invest $300 million in Paytm. Along with the Paytm Payments Bank, he founded the e-commerce company Paytm Mall. His commitment to innovation illustrates how technology can spur economic growth and demonstrates the transformative power of entrepreneurship.
In conclusion, this article looks into a handful of visionary founders who have not only transformed industries but also redefined our perception of entrepreneurship. Their ability to create, execute, and scale many billion-dollar companies demonstrates their impressive vision and passion to make the dream a reality.
FAQs
What is a unicorn startup?
A unicorn is a privately held startup with a valuation of $1 billion or above.This financial milestone raises these companies in the eyes of investors, entrepreneurs, and the general public, as only a few companies achieve such high valuations before going public or being acquired.
Who is Naveen Tewari?
Naveen Tewari is the founder and CEO of InMobi and has an MBA from Harvard Business School.
How many unicorn companies are there in the world?
There are more than 1,000 unicorn companies in the world. As of January 2024, India has 111 unicorn startups, making it the world’s fastest-growing startup ecosystem.
The Indian startup circuit has witnessed many astounding stories. The growth of many multinational companies has added to its worth and value as an ecosystem where everyone gets an opportunity to shine and rise. With the new era approaching, it is time to have a sneak peek into one of the most successful entrepreneurs, Vijay Shekhar Sharma. Well, if you are residing in India or if you have kept in touch with the Indian startup ecosystem, then you might have heard about Paytm. It is one of the first e-wallets and is still considered the representative of the Indian startup system in the e-wallet circuit.
Vijay Shekhar Sharma is a billionaire with a $1.2 billion net worth. Once, Sharma used to earn around Rs 10,000 a month when he was 27 years old and based in Aligarh. From the small town of Aligarh to being the head of one of the largest fintech companies focused on digital payments and wallet-based payments, the journey of Vijay Shekhar Sharma is as unique and interesting as it is inspiring.
So, let’s take a walk along the journey of Vijay Shekhar Sharma and get a glance at the key highlights of Vijay Shekhar Sharma’s Story, Education, net worth, obstacles & more.
Vijay Shekhar Sharma- Biography
Name
Vijay Shekhar Sharma
Born
8 July 1978 Aligarh, Uttar Pradesh, India
Citizenship
Indian
Education
B.Tech from Delhi College of Engineering (now Delhi Technological University)
Vijay’s story can be compared with that of Mahendra Singh Dhoni. Both of them came from small towns but were full of sheer determination and passion, and eventually brought about a big change in the system. In real life, Vijay is self-effacing and has no pretensions. He speaks from the heart. His colleagues love him because he is a genuine person who is kind to all. Talking about the Indian startup circuit, everyone loves him because he epitomizes startup resilience.
Vijay is further known for his love of rock music and rock concerts. The Paytm founder is also famous for his heartfelt speeches. Furthermore, he is a really cheerful person as a CEO and often takes the stage to deliver motivational speeches that are roaringly applauded both by the employees of Paytm and other audiences.
Whenever Vijay shared his life story, one would get the idea that he truly understands what it takes to succeed in the ever-changing and challenging world of entrepreneurship. He has been on the receiving side of the harsh times when one would have to toil hard with no guarantee of success. However, Vijay has a wonderful ability, which is to make others laugh because he admires his roots and failures.
The above-mentioned characteristics of Vijay make him one of the most charming CEOs in the country today. However, one must be aware of the fact that his self-effacing humour doesn’t take away Vijay’s staunch belief in inspiring change.
Vijay Shekhar Sharma- Overcoming The Tough Circumstances
Vijay was the third of four children born to school teacher Sulom Prakash and Asha Sharma, a homemaker. He has seen the tough life of the economically backward section of the country. When he was a 12-year-old kid who used to sport a chappal and visit his school, his batchmates had no money to afford a pair of slippers. After witnessing this, he wrote a poem expressing his bewilderment at the inequalities of life.
Vijay hailed from Aligarh, where he was based in a small town. Vijay was once considered an ineligible bachelor, earning around Rs 10,000 a month at the age of 27. Though the challenges tried hard to bring him down, he always had the ember in him to shine.
Sharma didn’t even have an educational background in English and was hence quite poor in the language. However, he didn’t shy away from it but taught himself English through rock music.
Vijay Shekhar Sharma was, nevertheless, quite inclined to literature, Hindi literature to be precise, since his early school days. He wrote many poems and even got some of them published. The Paytm chief recently shared on Twitter one of the poems he had written back in 1991 on August 6, 2022. The poem is titled “Vishwas Karo Karm Mein” and is motivational to the very brim, so much so that it strikes the right chords even with the netizens.
Just found my poem, from our school magazine published in 1991. 😊 I was in class 10 then. pic.twitter.com/84pVlrBGJw
Vijay was one of the two people from his village who went on to pursue engineering. Vijay holds an engineering degree from the prestigious Delhi Institute of Technology. As per Vijay, if one used to study in a Hindi-Medium school, he/she had to face many difficulties. A child reading in the 1990s framed Hindi-medium school rarely had access to books and coaching facilities! Therefore, Vijay realized he was alone on his path to success.
During his time at DTU, he expressed his life in a manner similar to the popular Bollywood movie Tare Zameen Par! That is, he could see the lips of his teacher moving, but he could not understand a single word! While preparing for the exams, he and his friends would read the answers and not know the questions because the questions were written in English. However, he conquered one of his greatest fears successfully!
Paytm, which was founded in August 2010, has always been highly valued as a company and features as one of the biggest digital payment services relied upon by merchants and users alike. Furthermore, it has recently witnessed one of the biggest IPOs in Indian history, which kickstarted on November 8, 2021. However, ever since the listing of Paytm shares, the company has witnessed some challenging drops in the share prices, which declined to a record low of nearly 37% to hit an all-time low of Rs 1,283 per share. Nevertheless, the shares of the company had finally seen a rise of 9% in prices, as reported on November 23, 2021.
Vijay Shekhar Sharma’s Paytm was recently barred by the RBI from onboarding new customers under its banking vertical, Paytm Payments Bank. This significantly affected Paytm’s performance on the share market. Right after the spreading of the news, the company’s shares tanked 14% to hit a new low of Rs 672 on the BSE in the intra-day trade on March 14, 2022. All of this started after it went for its public listing.
Paytm, which once commanded the market and looked forward to a magnanimous public listing with an issue price of Rs 2,150, has witnessed a considerable erosion of its value, which waned by 70%. As per the reports dated March 18, 2022, the Paytm Founder and CEO, Vijay Shekhar Sharma, has lost around Rs 88 crore daily after its stock market debut on November 18, 2022.
Paytm has seen a whole lot of controversies since the wake of the new year, 2022. Amidst the free fall of its shares that the fintech company is witnessing, reports of the arrest of the Paytm founder Vijay Shekhar Sharma were also circulated. Vijay Sharma was allegedly arrested and bailed on the same day, February 22, 2022, for hitting the vehicle of DCP (South Delhi) Benita Mary Jaiker. Though the fintech company and its founder are currently pitted against challenges on all sides, this too, will pass.
Vijay Shekhar Sharma- Converting The Obstacles Into Opportunities
Vijay Shekhar Sharma: Founder and CEO of Paytm and One97 Communications
The turning point in Vijay’s life came when he went to market one Sunday and picked up a Forbes magazine. He came to know about the success stories of mega-brands like Apple, Intel, and HP and how they became one of the biggest names in the startup circuit. Each of the companies had one thing in common: all of them were built from basement garages! Then, Vijay wanted to go to Silicon Valley. But, due to a lack of money and resources, that was never possible. Therefore, despite giving up, he taught me that even though Vijay couldn’t visit Silicon Valley, he could create one in India!
Hence, he started an internet company with his friend Hari during his college days in 1997. It was in their second year of college that Vijay started a company called XS Corps back in 1997. Both of them wanted to develop search engines, and they knew that the search engine would become the main attraction given the fact that the internet was taking giant strides in the technology circuit during that time. Reflecting on this, Harinder Takhar and Vijay Shekhar Sharma managed to build indiasite.net, which was made to serve as a search engine for a firm. After working on it strenuously for a period of 2 years, they managed to pull off a great deal and sold the website to US Lotus Interworks for a million dollars.
It was in the same year, early in his career, that Vijay Shekhar Sharma developed electronic itineraries for Jet Airways. He also made another website for India’s tourism department. In contrast to the other ventures in his professional career, where he was utterly serious, passionate, and dedicated, Sharma was really impatient when it came to studies. He often used to walk out of the examinations. I wanted to achieve a lot in a short span,” said Sharma.
Sharma’s company, XS Corps, was attempting to create a search engine in India. Though this idea could not be materialized then, due to the scarcity of funding, the company managed to create a content management tool, which helped several media agencies like Living Media and Express Group to host their content. In the final year of college, Sharma aimed to go for River Run Software, which offered the highest-paid job on campus. Sharma still has the memories of the interview day really fresh in his mind. It was one such occasion where he was under immense pressure, which was similar to some more instances. For instance, when he sat in front of Jack Ma or when he sat face to face with the RBI governor, it was the same inexplicable pressure that Vijay experienced.
XS Corps was acquired by a US entrepreneur in 1999 for $1 million of cash and some stocks. This gave him the opportunity to pay off his father’s debt, and in doing that, he left the job there. However, his parent insisted he join a real job, but his sheer determination towards developing a new company never allowed him to stay in the traditional job for a long period! Throughout his life, Vijay wanted to be a bird who had freedom; he never wanted to be a horse who ran the same track over and over again!
Hence, to pursue his dream, he founded One97 Communications in 2000 with an aim to create an online directory for people to access through SMS. Sharma managed to work on the idea and managed to expand other value-added services like live astrology, cricket, songs, and more. However, soon after, he realized that recovering money from telecom operators in India wasn’t as easy as it seemed. In his first tenure, he learned that cash flow matters, not profitability! With the lack of a collection team and mounting outstanding amounts, the company was on the verge of collapse, and Sharma again had to hit the roads for a new job in 2003.
This was because he was the victim of this cash flow problem, as his clients would never pay him on time. Sharma took up repairing computers against a daily wage and was forced to sell 40% of the company for Rs 8 lakh to his angel investor at that time. It was high time for Vijay as his sister’s marriage was coming up, and he wanted to secure that marriage. There was a big problem for the family as his father, even though he was clean on the loan defaulters sheet, was not granted a loan of 2 lakhs! Hence, by drawing inspiration, he developed Paytm, the platform that aimed to resolve the issues of the poor and economically backward sections of society. The platform was built for a shopkeeper or an auto-rickshaw driver who is never respected or liked by any financial institution.
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The platform has been synonymous with the rise of e-wallet in the country. The Paytm Payments Bank has become the first platform to offer a zero-balance account facility. This platform also offers UPI payments and shopping facilities. Paytm as a brand continues to rise in the modern-day era of e-commerce.
How to Be Fearless By Vijay Sharma – Founder of Paytm
Vijay Shekhar Sharma – Awards and Recognitions
Vijay Shekhar Sharma has received numerous awards and recognitions during his career, some of which are:
Received Best Serial Entrepreneur Award at Rural and Urban Development Summit 2022 from the Ministry of Housing and Urban Affairs, Govt. of India.
Forbes magazine has ranked me as the youngest Indian billionaire.
Vijay Shekhar Sharma was felicitated with the Yash Bharati Award, the highest civilian award from the Uttar Pradesh government.
He was ranked in the 62nd position in the Forbes list of the richest person in India in 2020.
He was listed as the youngest billionaire in India in 2017, with a net worth of $1.3 billion.
Time Magazine listed Sharma among the 100 most influential people in 2017.
Sharma was recognized by The Economic Times as the ET Entrepreneur of the Year for 2016.
He was also named the Dataquest IT Man of the Year in 2017.
Sharma was felicitated with an Honorary Doctorate from Amity University, Gurgaon, in 2016.
He received the title Businessman of the Year at the GQ Men of the Year Awards in 2016.
He also became the NDTV Indian of the Year in 2016.
Sharma also emerged as India’s Hottest Business Leader under 40, as recognized by The Economic Times in 2015.
Vijay Shekhar Sharma- An Inspiration
Vijay has been the face of the economically backward section of Indian society. Even though he came from a family that had financial issues, he was able to break the barriers and work for the betterment of society. Undoubtedly, Vijay is one of the biggest names in the Indian Startup circuit!
With the evolving digital platforms, the world is growing as well. And so the business industries, several startups and established businesses are shifting completely to digitalization.
Digital media is providing all kinds of features and facilities for businesses to develop enormously. In fact, many business owners have made digital their business. And these are growing with an exponential graph of success. Therefore, such entrepreneurs are termed as digitalpreneurs or digital entrepreneurs.
You might be wondering, what exactly is a digital entrepreneur? A digital entrepreneur is a business owner, founder or manager who has an internet-based business such as OYO or Paytm.
In India, there are a vast number of such digital entrepreneurs who have expertise in their field of interest and business with great graph success. India provides all kinds of facilities to its entrepreneurs to grow their businesses successfully.
It also brings development for the country as India is growing towards the digital world with extensive manifestation. Digital entrepreneurs in India have developed some great online platforms that have been proven absolutely promising and convenient to use.
Through this article, we present you with those top digital entrepreneurs who have been a great example to the young generation and are extremely successful. Let’s get started!
Top 5 Tips To Become A Successful Digital Entrepreneur
Byju Raveendran
Digital EntrepreneurByju Raveendran – BYJU’S Founder
Founder of BYJU’S study app, Byju Raveendran is well known for his tremendous work that is helping millions of students. He is one of the youngest billionaires in India. He launched BYJU’S app in 2015 and within 2 months, it reached millions of students who downloaded it.
BYJU’s current value is worth $5.7 billion. Its EdTech company is established in Bengaluru and is considered as the top-notch learning and thinking platform for millions of students. In fact, it has been rated with the “Best Self-Improvement” app in 2016, on Google Play Store.
Shradha Sharma
Digital Entrepreneur Shradha Sharma – Yourstory Founder
Shradha is a very well-known digital entrepreneur of India. Shradha Sharma is the founder and Chief Editor of Yourstory.com. It is a startup media platform that brings the stories of startups, entrepreneurs, change-makers, funding analysis and resource pieces.
Yourstory media has been an absolute success which has around 20,000 stories based on entrepreneurs and tons of several other matters. It provides the facilities to read any story in 12 different languages. Moreover, it has reached more than 10 million readers daily who find this online platform very considerate and interesting.
Digital Entrepreneur Ritesh Agarwal – Founder of OYO Rooms
The well-known personality, Ritesh Agarwal is the founder and CEO of OYO Rooms. OYO rooms are widely famous around India for their incredible service of booking the top branded hotels online or offline. Ritesh Agarwal is a digital entrepreneur who started his journey at just the age of 16 years and now ruling a business worth millions.
He travelled all the fractions of the country with a budget plan settlement. This gave him the idea to build such a platform that would provide the facility to book any hotel at affordable rates. OYO Rooms is one of the fastest-growing online platforms in India.
Vijay Shekhar Sharma
Vijay Shekhar Sharma – Founder of Paytm
Vijay Shekhar Sharma, the founder of a very famous digital payment company, Paytm. Vijay Shekhar Sharma with a net worth of $2.1 billion, was included in the list of the youngest billionaires of India by Forbes.
Paytm is considered one of the most promising and convenient digital payment platforms. Along with the Paytm app, Vijay Shekhar Sharma also developed Paytm Mall, Paytm payment bank, and e-commerce business.
Youngest Digital Entrepreneur Sanjay and Shravan Kumaran – Founder of GoDimensions
The youngest Indian entrepreneurs, Shravan and Sanjay are siblings merely of age 17 and 15 respectively. Together they built the mind-blowing digital platform, GoDimensions. Shravan and Sanjay are the youngest digital entrepreneurs of India.
GoDimensions are aimed to achieve the simplest and most convenient technical antidotes for digital media. Once in an interview, Shravan and Sanjay were asked about the reasons behind their success, they respond, “Reading a huge number of books and solving the problems that come on the way.”
There are plenty of entrepreneurs who have been brilliant and successful on digital platforms. Before you decide to initiate your startup, take a step hold and look for the business models of such successful entrepreneurs mentioned above.
They have contributed majorly to the successful growth of digital media. The digital platform has taken over almost all our essentials from traditional media to stores. It has given digital a new outlook which is tremendously popular. These experts would provide you with the best business idea for your startup to make it a success.
FAQs
Who is an entrepreneur?
An entrepreneur is an individual who sets up a new business by taking a risk in order to make money.
Who is a digital entrepreneur?
A digital entrepreneur is one who works in the digital media space and makes his living by selling digital media or downloads. In other words, a digital entrepreneur is anyone who works online in the digital environment.
What is the job of digital entrepreneur?
A digital entrepreneur job is to utilise the reach and power of the internet to offer products or services for profit.
How do you become a digital entrepreneur?
Learn digital marketing skills – Search Engine Optimisation (SEO), Search Engine Marketing (SEM) and Social Media Marketing (SMM).
Once you learn these skills, you can freelance in these fields.
You can start a digital marketing service or build products.
You can also become a social media influencer.
Start any services or products that you can offer virtually.
What are the 4 types of entrepreneurs?
The four types of entrepreneurs:
Coasting, opportunity comes to them (or it doesn’t)
Conservative (very moderate use of resources, protecting existing resources)
Sakshi Jadhav
