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New Delhi: The Paytm & One97 founder Vijay Shekhar Sharma has made it to the Forbes list of billionaires.
He is the only Indian billionaire under 40 who has succeeded in finding a space in the prestigious list with a 1394 rank. Samprada Singh, the founder and current chairman of Alkem Laboratories, has also made it to the list as the oldest Indian billionaire.
Vijay Shekhar Sharma, the youngest Indian icon, and millions of Indians must be thrilled after finding his name on the list of Forbes billionaires. His contribution to the development of the Indian eCommerce industry has been noteworthy ever since he laid the foundation of Paytm, a digital platform for shopping online in India.
Keeping always a smile on his face, Vijay has been honoured with many awards before the current achievement. The 39-year-old Uttar Pradesh-born entrepreneur had launched Paytm ( Pay Through Mobile ) back in 2010 year.
His aim to launch Paytm was to allow Indian cellular subscribers to avail themselves of online DTH and mobile recharge services. It was later on in 2014 when Paytm tapped into the consumer goods market. Since that time, the company has been selling electronics, fashion, home appliances, sports, and fitness goods to Indian online shoppers.
Paytm is one of the few Indian companies that derived a massive advantage from Prime Minster’s demonetization move, announced on the 8th of November 2016 to curb black money in the Indian economy.
The company from that time claims to have registered more than 160 million new users. Demonetization not only helped Paytm to grow its user base but also witnessed an increase in daily transactions and app downloads.
The demonetization initiative of GOI proved a turning point for the company as it boosted its popularity throughout India. During that time, Paytm had also to face an ill repute from the opposition political parties like Congress, RJD. It was called Pay to Modi instead of Pay Through Mobile.