Paytm was founded by Vijay Shekhar Sharma under One97 Communications in Noida, India.
Vijay Shekhar Sharma who was born in an ordinary family of Aligarh,UttarPradesh. He studied at Delhi College of Engineering where he faced hardships as he wasn’t good in communicating in English. In 1997, while studying in college, he started a website called indiasite.net which was sold for $1 million after two years.
Using this money Sharma started a company called One97 Communications which offered various services like mobile content news, cricket scores, ringtones, jokes and exam results. One97 is now Paytm’s subsidiary company.
He was the youngest graduate from reknown institute of Delhi College of engineering who has taken the company to such a splendid height and enormous popularity.
When Paytm was first launched, it only had mobile recharging services after few years they added bill payment and e-commerce features to compete with Flipkart, Amazon, Snapdeal etc. In 2014, Paytm Wallet was introduced, which is India’s payment service platform having more than 100 million wallets registered with 10 million app downloads
Later in 2015 also adding booking services which include booking tickets for the movie, flight, bus travel, etc.
Paytm also has an app for Android, iOS and Windows Phone. The app enables users to perform purchases book airplane tickets, taxi booking, mobile recharge, DTH bill payment and electricity payment etc. Users can pay for fuel at Indian Oil Petrol pump through the app. Paytm has partnered with various movie theatres which will help users to book movie tickets right from the app.
Users can now transfer or send money to another user through the app by enterning phone number or by scanning QR code.
Users can now pay education fees, Water supply fee, Gas bill, Broadband bill and book a ticket for metro in Delhi or Mumbai via paytm.
Paytm also offers various paytm recharge coupons,cashback and various discount offers via coupons which are available on coupon sites.
As far as funding goes the company got well-funded by Ratan-Tata and Art Financial Services Group which is an Alibaba affiliate firm in 2015 but has 25% stake in One97 as part of a strategic agreement.
PayTm also borrowed 300cr for working capital from ICICI Bank in March 2016. PayTm received a license from Reserve Bank of India as India’s first payments bank. The firm has now been split into two separate entities Paytm E-commerce services and Paytm Payments Bank and Vijay Shekhar Sharma would be the director of both the companies. This was apparently done so that Paytm’s marketplace could be merged with Alibaba’s when it launched into the Indian market.
Paytm received about $60 million which is 500crore from Mediatek.Inc as part of investment funds.
The company specified that it would have a host of sellers from China and Southeast Asia on its platform, which hinted that it plans to merge its e-commerce platform with Alibaba.
It is really a fascinating to see sharma growing a company from rags to riches in just few span of time.