Vijay Shekhar Sharma, who is from Aligarh, Uttarpradesh was from a very common family. His father is a school teacher and his mother is a housewife. Vijay Sharma was a very brilliant student who passed 12th at the age of 15 years and graduated as an engineer when he was just 19 years old. In 1997, while studying in the college only he started a website indiasite.net and later sold it for $1 million. Mr Sharma is a Bachelor of Science in Engineering, Delhi University.
The initial journey of Vijay Shekhar Sharma
In 2001, Vijay started One97 Communications, which is the parent company of Paytm. He took a loan of 8 lakhs Rs to for his startup. But his startup didn’t work as per his expectations, so to recover the losses and repay the loan, he started working as a lecturer.
Foundation of PayTM
Vijay Shekhar Sharma founded a mobile wallet company named Paytm in 2011. Initially, the company didn’t go well as the digital payments business was very small in India. Also, the illiteracy rate and availability of mobile, internet and bank accounts were very less in India. The business of Paytm got jump after 8th November’s demonetization by PM Modi.
Demonetization Impact on PayTM
One of the biggest beneficiaries of India’s 2016 demonetization is PayTM. After the scrapping of ole 500Rs and 1000Rs. notes people were forced to move towards cashless transactions. PayTM was one of the major mobile banking wallet available in the country at that time which offered multiples cashback and other offers and options to buy various products online. PayTM crossed 400 million users and 25 million transactions daily after 2016.
Once the impact of the demonetization was over people again started moving towards cash transactions and PayTM also faced huge competition from other mobile baking wallets like PhonePe and Google Pay. Paytm started suffering losses in 2017. But still, it didn’t impact Vijay Shekhar Sharma’s earning. In 2018, Vijay’s net worth was around $2.6 billion, which was almost Rs 18,000 crore.
Forbes named Vijay Shekar Sharma as the youngest billionaire of India in 2017, the net worth of his company PayTM was $2.1 billion. During the same year PayTM suffered a loss of Rs 3,393 crore. In August 2018 Warren Buffett’s Berkshire Hathaway also invested $300 million in Paytm. In June 2019, the net worth of the company was $2.7 billion.
Now Sharma has also created Paytm Mall, an e-commerce business, and the Paytm Payments Bank. Paytm is also planning an IPO of Paytm to raise around $2.2 billion.
Find other interesting facts about Vijay Shekhar Sharma as mentioned below:
Vijay Shekhar Sharma’s Net Worth
In 2021, his net worth is around $2.3 billion.
Vijay Shekhar Sharma Wife, Children, Family
Vijay Shekhar Sharma’s wife is Mridula Sharma. His son is Vivaan Sharma. His father Sulom Prakash Sharma, who was a school teacher, and his mother Asha Sharma was a homemaker.
Vijay Shekhar Sharma’s house
Vijay Shekhar Sharma’s bought Lutyens Bungalow Zone (LBZ) at Golf Links in central Delhi. The property is valued at Rs 82 crores. He has paid roughly Rs 1.36 lakh per sq ft for his home. The bungalow is of 6,000 sq ft and next to Delhi’s high profile and expensive areas like the Delhi High Court, the Supreme Court and India Gate.
Vijay Shekhar Sharma age
Vijay Shekhar Sharma is just 43 years old and was named as the youngest billionaire of India in 2017 in Forbes list.