Paytm CEO’s joy surpasses bounds after earning a whopping $14 Million
By Sanjay Kumar
- Paytm founder Vijay Shekhar Sharma said, “Party ho Rahi hai” as the company starts earning.
- The company used to lose around $40 million, now reached $14 million.
- The Digital Payment industry shows rapid growth over the past 10 years at a CAGR of 55% & 43%.
Vijay Shekhar Sharma is a famous businessman in the digital payment world, he founded the most popular digital payment app called Paytm. He was the youngest billionaire in 2017. In his recent interview he said, Paytm connects quite a lot of companies that made the most of the challenges thrown by the pandemic and subsequent lockdown, and truly start earning.
“We are gathering ingredients now & not even started cooking in the fintech past,” he continues, “In 2020 company genuinely started making money. We used to lose around $40 million, but today we’re nearly $14 million. “Party ho Rahi hai”, said Paytm CEO (Vijay Shekhar Sharma) who believed that the fintech revolution in India is not a quick meal however gourmand meals. “We don’t even have an appetizer yet.”
In the past couple of years, the Company has additionally ventured into the Inventory of mutual fund, distribution, broking, and promoting digital gold in the middle of different issues, widening its footprint within the Indian monetary panorama. However, the CEO said.
“We have got 4X growth in payments received by merchants in Business Khata between 8 January & 14 March, & 15 March to 15 May.” Paytm Vice President Sajal Bhatnagar told the press trust of India in 2020.
Digital Payment Trend in India
In August 2014, Paytm’s registered user base touched 11.8 million and 104 million in August 2015. Its travel business reached around $500 million in annualized Gross merchandise value run rate while booking 2 million tickets monthly. In 2017, Paytm became India’s 1st payment app that crossed over 100 million app downloads record on the Play store.
According to the Reserve Bank of India (RBI) reports, within the digital payments, retail electronic payments comprising credit transfers — NEFT, IMPS, and UPI — and direct debits has been showing a rapid growth over the past ten years at a CAGR of 55 per cent and 43 per cent in terms of volume and value, respectively.
