Paytm : The journey towards success:
We all know Paytm as India’s leading online payment company which has succeeded to make its way into almost all of our daily transactions and that too in a short span of time. But do you know the story behind it?
Paytm was founded in 2010 in Noida with an investment of about $2 million from investors of One97 Communications. It was initially a simple recharge and bill payment website which over the past decade became a full-fledged online banking service application. It gained immense popularity as it was one of the only applications that offered 50%-100% cashback on almost all of the transactions made through the system.
The journey towards success:
It had a lot of ups and down in its journey of 10 years but they had the zeal to succeed and so they never gave up. When it was launched in 2010, people were quite skeptical about cashless transactions and it continued for quite some time. Until 2016 it was pushed aside till demonetization occurred and Paytm received the push it needed.
In the year 2017, it was the first mobile payment application to cross 100 million downloads. Since then, it has advanced from a mere payment platform to a multi-tasking application. It has opened an e-wallet option that allows users to store money on the app for urgent transactions. It is also a virtual bank at present and is certified by RBI. The transactions are quite secure and password protected.
Funding raised by Paytm:
Paytm had managed to raise a funding of about 2.2 Billion USD in 4 rounds, with the major investors as Softbank and Alibaba. It also received around 1 Billion USD from an asset management firm based in the US which brought the company’s valuation to 16 Billion USD. It now’s India most valuable startup.
The shareholders of Paytm are One97 Communications, Alibaba Group, and Softbank. It has also received large funding from the Tata sons managed by Ratan Tata. The founder of Paytm- Vijay Shekhar Sharma was able to become the youngest entrepreneur to have a net worth of over 1 Billion USD.
Moreover, the company is evolving rapidly with its innovative ideas and is taking good care of the customer’s changing needs and demands. Hence the user base of this startup is increasing day by day.
So are you an entrepreneur searching for inspiration to open your own company? Well, I am sure the story of this startup will be a source of motivation for your entrepreneurial advancements. If you have a business idea, we would love to hear from you in Happython 2020!
AAIWay brings to you a golden opportunity for having your business ideas funded in Happython 2020 which is a startup pitch competition to be held on 13th December. Your business ideas can be related to e-commerce, online business or anyone among the many areas of innovation encouraged by Happython.
To learn more about Happython 2020, visit http://aaiway.com/events/
Event date: 13th December
Last date for registration: 5th December
So what are you waiting for?
Register for Happython 2020 today and see your dream project take off!