Startup Story of Paytm – Paytm, one of the biggest brands of India. Paytm has been known to the digital age people for transferring the money online and paying the bills online too. The brand was working decently targeting the millennial people.
But, then came the age of demonetization on cashless transactions and the use of it increased. With Paytm, it became easier for the people of India to transfer money and initiate the cashless transaction more.
It was in August 2010 that Paytm was launched. Vijay Shekhar Sharma is the founder of the brand Paytm. He started Paytm with an initial investment of $2 million. The app was started as a prepaid recharge and DTH recharge platform.
Startup Story of Paytm
Later on, the platform kept on adding new features to increase the facilities like data card, landline phone payments, and postpaid mobile bill. These features were added in 2013.
Vijay is a small town boy from Aligarh who could not sit for the IIT exams because he did not know English so well. His entire school and college education was from the Hindi base so he didn’t know English that well.
But, he was eager to learn English that he did by borrowing English books from his friends. While he was in college, he started a college based startup for the content management systems called XS Communications.
Startup Story of Paytm – This system was used by various publications like The Indian Express. He was trying to set up One97 for which he took various loans on high interest. For that, he was in a huge debt of Rs 8 lakhs that became tough for him to pay. So, he had to take up petty jobs so that he could earn some money.
Finally, in 2010, he put $2 million in stake to launch his brand Paytm. He was not able to get any funding for his startup even at this stage. One 97 is actually the parent company of Paytm. The experiments here were related to advertisement, commerce and content which led to the idea of payment ecosystem.
Startup Story of Paytm
Paytm started growing when it gave value to its customers and their help desk was available for 24*7. This was the thing that created the ultimate trust amongst the people. There weren’t any complaints regarding the brand and if there were any, their helpdesk frontier was so strong that they helped people with their issues instantly.
This created better trust amongst the people for the brand. With trust, Vijay, his team, and his brand were able to set up a market for themselves. Today the four, Vijay, Alibaba, Alipay and SAIF own million-dollar companies. This showed that the idea of their company paid off.
Cut to the present, his aim is to make India cashless. He aims to bring half a billion of Indians to the mainstream economy. He is still a dreamer whose dream is to build India’s first $100 billion firm. He wants to make a company for which the country will be proud of.
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