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Paytm Founder Vijay Shekhar Sharma is the Richest Entrepreneur with a Net Worth of Rs. Rs.7300 crore

It seems startups in India are witnessing a tremendous growth in their net worth which is almost close to the richest business tycoons in India. According to Hurun’s India Rich List 2016, founder of Paytm, Vijay Shekhar Sharma is the richest Entrepreneur under-40 in India. His net worth jumped by 162 percent from Rs. 2824 crore to Rs.7300 crore presently. The list comprises of entrepreneurs with a wealth of Rs. 1600 crore or more. Nilima Motaparti, Divis Laboratories followed Vijay with a net worth of Rs.7100 crore. Bhavish Aggarwal, Co-Founder of Ola Cabs stood youngest on the list worth Rs.3000 crore currently, which was Rs. 2,385 crore in 2015. This man Dominated list mentions only 4 percent of women in the list.

Paytm founded in 2010, was the reason behind the growth of Vijay Shekhar Sharma. Started with offerings of utility bill payments and mobile recharge, Paytm emerged as a one-stop marketplace for customers. Paytm offers everything right from recharge to booking a car. Paytm Wallet provides many services like hotel and travel bookings, movie tickets, money transfer and much more.

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 With 122 million active users, 130 million wallet users and 90 million users monthly, Paytm extends its wallet service across the cabs & taxis, fuel stations for bill payments. The company achieved a swift speed startup status with a net worth of $2.9 billion and bleeding money each year. Paytm registered a loss of Rs.372 crores in the 2014-15 financial year.

So far, Paytm has received a funding of $740 million in total with a significant stake of 40 percent by Alibaba group. It is reported that the founder Vijay Shekhar Sharma, holds 21pecent of shares in Paytm which has been cut down by 6 percent in 2015 when Alibaba, Ant Financial invested $680 million in the company. Even after witnessing a loss of his stake by 6 percent, Vijay Shekhar Sharma’s wealth gained by 162 percent.

According to Hurun’s India Rich List 2016, Top 10 Richest People in India:

 RankNameWealth INR CrChangeCompanyAgeResidence
  1.Mukesh Ambani163,4002%Reliance59Mumbai
 2.Dilip Shanghvi121,500-4%Sun Pharma60Mumbai
 3.Pallonji Mistry101,10016%Shapoorji Pallonji86Mumbai
 4.SP Hinduja & family100,700-2%Hinduja81London
 5.Cyrus S Poonawalla83,00097%Serum74Pune
 6.Azim Premji74,70044%Wipro71Bengaluru
 7.Shiv Nadar73,000-22%HCL71New Delhi
 8.LN Mittal66,900-20%ArcelorMittal66London
9.Uday Kotak51,6008%Kotak Mahindra57Mumbai
10.Sunil Mittal & Family50,3004%Bharti Airtel58New Delhi

Big bazaar ties up with Paytm to provide online retail services

With a strategy to go online via e-commerce, the retail company future group partnered with digital payment platform Paytm. As a result, paytm users can now shop for the big bazaar retail products on online paytm marketplace. Your goods will be delivered to your home.

Future Group operates stores, such as Big Bazaar, FBB, Central, Brand Factory, Foodhall, Ezone and EasyDay. Through this deal, the users can use paytm wallet at all the future group retail outlets. Additional 15% cashback will be provided at the big bazaar for the paytm users.

Paytm To Offer Free WIFI Services To Its Customers

“The unit economics of e-commerce has been the key bane for understanding the business, making a partnership the most viable format to take Big Bazaar online,” said Kishore Biyani CEO of Future Group

“In the last two years, we have been serious in understanding this business and how to engage with it… one has to make this business happen,” he added.

According to the business giant, “The cost of acquiring a customer (in e-commerce) is more than 20%, cost of fulfilment is more than 20%, cost of running the operation is 8-10% totalling almost 50% as cost of operation. At this cost, you can’t sell any goods in this medium,”

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Together (with Future Group), we see a fantastic opportunity to create a mobile first, omni-channel retail and payment solution for our wide consumer base,” Vijay Shekhar Sharma, founder and CEO of Paytm said.

Big Bazaar offers Maha Bachat sale from August 13-17 targeting Rs 1000 crore sales and this will be encouraged with online sales Biyani said.

Both the companies are targeting large-scale acquisition of the customers and seamless payments through digital wallets. This can be the driving force for the companies’ kick-start the business.

Paytm To Offer Free WIFI Services To Its Customers

 Vijay Kumar Sharma, the first E – Commerce service provider to initiate free wifi services across the metro stations all over in Delhi. Initial start-up was rolled out in a metro station in Noida, a place benefits where nearly 1,00,000 people a day.

Signalling Paytm wifi, very soon starting across all the main subway stations across Delhi, and Mr. Sharma founder of the company expressed that the program will allow connecting to the user ‘Paytm Wifi’ for 15 minutes and can access only his Paytm account.

Paytm is trying to push the customers to use their wallet for offline usage. Paytm wants their customers, merchants, and traders to exchange the cash through Paytm wallet.

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For an instance, commuters who was about to pay for taxi driver can transact the cash to his Paytm wallet, and Taxi driver accepts the payment via Paytm wallet. This all can be attainable over through free access Internet, the free start – up service is going to start soon in all the Metro Stations.

Mr. Kumar said “Initially we are trying to set up in metro stations because they are the key locations for our customers and merchants, especially auto – rickshaw wallas” he added.

A year ago, taxi online cab aggregator (Ola and Uber) started free wifi to its consumers. Uber is offering free 4G Wi-Fi in partnership with Airtel to Customers in Mumbai and plan to launch the service in other parts of the country. Nevertheless, Paytm is the first e-commerce site to provide access to free wifi. After a point we can expect our customers to buy these services, said Sharma.

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On Friday, Mr. Vijay posted on Facebook and Twitter signifying that the smartphone device was connecting to wifi named “Paytm WIFI” and the screenshot reveals the initial start-up in a metro station in Noida Sector – 18.