Paytm Founder Vijay Shekhar Sharma Acknowledges Mistakes and Lessons Learned
By News 24 Media
Published on 07/07/2024
Introduction
In a candid and reflective speech, Paytm founder Vijay Shekhar Sharma recently addressed the company’s challenges, setbacks, and the path forward. His words resonated with shareholders and aspiring entrepreneurs, shedding light on the complexities of building a successful business.
The Emotional Setback of Vijay Shekhar Sharma: RBI Action on Paytm Payments Bank
Vijay Shekhar Sharma openly discussed the emotional impact of the Reserve Bank of India’s (RBI) action on Paytm Payments Bank. Earlier this year, the RBI ordered the bank to stop accepting new deposits due to “material supervisory concerns” and non-compliance with rules. For Sharma, this was not just a professional setback but a personal one. He likened Paytm to his daughter—a company he had painstakingly nurtured. The regulatory scrutiny hit hard but also served as a valuable lesson.
“We Should Have Done Better”
Without mincing words, Vijay Shekhar Sharma admitted, “At a professional level, I would say we should have done better; there are no secrets about it. We had responsibilities, and we should have fulfilled them much better.” His transparency underscores the importance of accountability and continuous improvement in the business world.
Challenging Moments and Ambitions
Vijay Shekhar Sharma reflected on other challenging moments, including fundraising during the lean years of 2013-2015 when funds were scarce. He acknowledged that Paytm’s journey had its share of highs and lows. His ambition remains unwavering: to build a USD 100-billion company. Additionally, he expressed a desire for the Paytm brand to be recognized globally as an Indian company—a testament to his vision and determination.
Going Public: A Milestone and Responsibility
Vijay Shekhar Sharma drew parallels between taking a company public and getting married. Just as marriage is a significant life event, listing a company brings “a lot more responsibility and maturity.” Going public differentiates the serious players from the rest, and Sharma emphasized the value of this milestone. Despite the erosion in One97 Communications’ share price post-listing, he remains focused on the company’s fundamentals and business dynamics.
Conclusion
Vijay Shekhar Sharma’s candid speech serves as a reminder that even successful entrepreneurs face challenges, setbacks, and moments of reflection. Paytm’s journey continues, and its founder’s resilience and commitment remain unwavering. As the company navigates regulatory hurdles and strives for global recognition, Sharma’s words echo: “We should have done better, there are no secrets about it.” And indeed, transparency and growth go hand in hand.
Disclaimer: The views expressed in this article are solely those of the author and do not represent any official statements from Paytm or its affiliates.
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