The Chance To Cash On Demonetisation Was Open For Everyone & Not Just Us: Vijay Shekhar Sharma

Ever since demonetisation put Paytm on the map, the digital payment company has kept itself on the radar through new launches. Founder and CEO Vijay Shekhar Sharma is humble about the claim that his company was one of the biggest beneficiaries of demonetization but he strongly feels that the opportunity was open for other businesses too. “I feel good to hear that Paytm was the single largest beneficiary due to the move of demonetisation. It was open for everyone, by the way…,” he said with a pinch of sarcasm at World Economic Forum, New Delhi. 

During the early days of Paytm, which is now the country’s largest mobile wallet, Shekhar hired most of the staff which was rejected by other employers. With limited resources in hand, the objective was to hire people who believed in his vision. “I was the most knowledgeable person in my office those days. I was the one teaching my employees instead I could learn from those division heads. I use to call it ‘reverse osmosis’,” lighthearted Shekhar said. 

After making “Paytm Karo” or “use Paytm” the new buzz words, he feels that businesses should pick the ticket that suits them. He sampled Baba Ramdev’s Patanjali and their way of promoting the brand. “You must know which card your business should pick on. Ramdev picked ‘swadeshi’ card and it worked for them,” he pointed.

However, isn’t the start-up culture all about replicating the models working in the western market? Maybe or may not be. It is not about cracking a business model but the secret lies in execution. “Replicating a business model from a US-based company may not prove worthy in India. In the US, you target about 20 million to 40 million consumers and in India, you have to deal with the base of 200 million to 300 million users,” Shekhar said. “We have built Paytm in India, we have built is for the world but of course, there are things that have been copied and it’s no secret.”