PAYTM Founder Vijay Shekhar Sharma unique Journey
Founder: Vijay Shekhar Sharma
Estimated Valuation: $15 billion
Paytm began as a digital wallet in its initial days but has transformed into a totally new payments platform. The fintech service has been ready to emerge because the top fintech company even after facing fierce early competition from brands like Freecharge.
Fact: Paytm’s userbase grew from 125 million to 185 million three months post demonetization
Vijay Shekhar Sharma, who was struggling to form ends meet with Rs 10 in his pocket, tasted victory the hard way, and today, he stands because the founding father of the billion-dollar homegrown unicorn.
Paytm’s current value may be a little over $3 billion – a far cry when Vijay was struggling to form ends meet with Rs 10 in pocket. this is often truly the story of a tough earned victory and humble beginnings.
Vijay passed his higher secondary when he was just 14 years old, a toddler prodigy of sorts and faculty topper, making it through college was the primary tough challenge he faced when he left the cosy comfort of his small hometown outside Aligarh and ventured into the important world.
His father was a highly principled, school teacher, who refused to earn the additional buck through tuitions. Vijay didn’t skills to read and write English for he completed his school education completely in Hindi, in his village . However, he realised in time that to form it through college he must start learning the language first and with the assistance of books, second user magazines and his friends, he mastered the language during a way which few can. His routine was to read a Hindi version of the book simultaneously with the English-one, a habit that ensured that he soon learnt to read two books at an equivalent time! But it wasn’t easy to mention the smallest amount . The first-bencher in class slowly started gravitating towards the rear benches, and during a moment , was so disheartened and disillusioned together with his bad grades, mostly thanks to language constraints, that he completely stopped attending college.
Struggling to find out English, survive the rigours of engineering college and therefore the big bad city that Delhi was, this normally would be the time when many in his situation would have quit. Vijay, however, was something else. He decided to create , to use the time he had from ‘not attending college’ by turning an entrepreneur. A believer in challenging the unknown, he made the web his playground and Sameer Bhatia and Yahoo his inspirations. He aspired to travel to Stanford, because that was where Yahoo was built, but realising his lack of monetary resources and his challenges with English language, he decided to emulate a number of the genius at Stanford, by learning the way to code all by himself. He started building his own content management system with a number of his college mates, which went onto getting used by a number of the most important news publications including The Indian Express. it had been also during this point when he started his first job at an MNC. He quit after six months and built a corporation of his own together with his friends. He finally passed his college examinations too.
he was also left bankrupt by his partners, with whom he had just begun a business and raised the primary round of funding. He was devastated. But Vijay wasn’t a person to offer up so easily. He lived at a hostel near Kashmiri Gate in Delhi, skipped meals and walked long distances to attend work or meetings within the southern a part of the State.
Things took to a far better turn when he began One97, the parent company of Paytm. But the large eureka moment came in 2011 when he first pitched the thought of entering the payment ecosystem ahead of his board. The board wasn’t convinced, as he was talking about betting the company’s money on a non-existent market.
So he put 1% of his equity, which was about $2 million around 2011, on the table and said, “This is for all of you, if I waste the cash that we placed on the location .” He adds, “There is not any fun in doing what others ask you to try to to , the important fun is in doing what people say you can’t do.”
And it’s with this belief that the primary avatar of Paytm, Pay Through Mobile, was born, going rapidly onto becoming subsequent big thing of the startup ecosystem in India. And, since then it had been never looking back.
On the longer term of the digital economy: “We are playing at the foremost ubiquitous stack of capability where you offer technology connected with the OS, then payments, and infrastructure which will allow third parties or us to the extent of services to the consumers. It doesn’t sound sort of a payment company. The intent here is that each company has got to find the individual more to urge distributed into consumers’ hands.… Payment is our thanks to build a robust consumer mode here.”
Passion for entrepreneurship
Extremely inspired by Yahoo and his love for the web made him aspire to travel to Stanford for Yahoo was build there. However, the shortage of finance and his bad English confidential him from getting into there. The boy together with his college mates started building their own content management system which clothed to be the foremost important publications within the Indian Express. He connected his first job in an MNC too at this point and passed all his examinations.
This might echo really compelling, but circumstances didn’t rotate bent be so favorable needless to say . His friends shattered his ideas to succeed in Silicon Valley . They left him bankrupt while that they had immediately initiated the business and had raised the primary round of funding. it had been an amount of 8 lakhs raised while he was conned for entire 40%. This was the turning point of his life. He didn’t hand over .
He was just his diligence and prior experiences that make him so successful today. Things were improved when he launched One97, the parent company of Paytm. The experiments here were associated with advertisements, commerce & content which led to the thought of the payment ecosystem.
He didn’t grow any funding on this concept and invested $2 million himself in proving it to the people about his game.
The company grows when it gave value to its customers in terms and condition of internet wallet services, 24 x 7 customer care services which created trust surrounded by the people. The immediate response to the customer complaints made up build the corporate better. the thought required trust which Vijay finally won arising on the market. Today’s the four, Vijay, Alibaba, Alipay & SAIF own million-dollar Company. The group work paid off.
The Success story of Vijay Shekhar Sharma proves how passion and diligence can bring you to nonstop opportunities in life. He remains to be an enormous inspiration to the longer term aspirant entrepreneurs today.
Ritesh Agarwal , OYO Room CEO, & Founder, Taste the business
Founders: Ritesh Agarwal
Estimated Valuation: $16 billion
Ritesh Agarwal, the founding father of the homegrown unicorn Oyo, has established itself together of the most important hotels and hospitality chains round the world with operations in over 800 cities Airbnb was the most important source of inspiration for Ritesh, who began on his journey of being one among the simplest entrepreneur success stories as an adolescent .
According to various surveys, it’s been noted that 30 is that the age to become successful. Or by 30 you reach your success.
Well, age is simply variety , and it doesn’t define a person’s ability or potentials.
Ritesh Agarwal story has changed this age bar scenario. As he’s 25years old with a net worth of 3500 crores.
You must be wondering that, what has he done? Or who is he, with such an immense net worth?
Well, you want to have heard of OYO rooms?
Do you know what OYO means?
It means “on your own”.
Oravel Stays Private Limited, parent company of OYO, was founded by Ritesh Agarwal in 2013 when he was just 19 years old.
19 years old, was the age of oyo rooms owner!! Yes.
Having dreams, and being hooked in to fulfilling them is what cause good stories. which is that the reason why Ritesh Agarwal’s passion has made him the icon for millennial.
Childhood is sort of a gateway of letting various dreams and ambitions in.
But, being a toddler , we’ve numerous ambitions to consider , numerous people we would like to become. a bit like that, Ritesh also had a dream of becoming a pilot.
But since, from childhood only, he wanted to try to to something different, and something unique. But as they assert , there are some instances in life, which may change your whole perception within the way you think that .
This is what happened to him. Once, his sister visited an entrepreneurial fest. returning to home, she told Ritesh about this fest. He, being a toddler , got so curious about this word, that he started looking meaning of entrepreneurship within the Oxford Dictionary.
“Entrepreneur is someone who solves problems and makes business along side it.”
Getting the meaning of this, he got so fascinated with this word.
There was an instance when his teacher asked everyone within the class that what do they need to become?
Every kid gave mundane answers like, some wanted to become doctors, some engineers, some teachers. But when the question came to him, He said he wanted to become an entreprene
As a child, his fun activities included, screwing round the computer, and he loved to realize more enlightenment about the software’s and programming.
Later, to quench his thirst, he borrowed books on programming from his elder brother. His interest developed such a lot , that aside from the languages taught in class like Piscal and Basic, he managed to find out and began coding in school 8th only.
Born and mentioned in Rayagada, Odisha, he managed well-off together with his grades in 10th and thought of coding as his living.
By 2009, he left for Kota (Rajasthan) to organize for IIT. But he noticed that engineering are some things he’s not curious about doing.
But, being a bright child, he also wrote a book called Indian Engineering Colleges: an entire Encyclopedia of Top 100 Engineering Colleges’.
This book gained tons of recognition on Flipkart and was sold call at a short time too.
This wasn’t a stopping spot for him.
He was further selected among the 240 children, to be a neighborhood of the Asian Science Camp.
Reach the height entrepreneur
Inspired by the word “entrepreneur”, Ritesh indirectly developed an interest in something, which he never thought would happen.
Have you ever thought of becoming or doing something else in your life?
But at some point of your time , you suddenly develop an interest in something, then you’re like, “Wait! this is often what I wanted to do”.
These situations, generally occur in one’s life. It are often reversed also.
As, many folks dream of something, but, might find it difficult to realize , or we somehow lack passion therein .
Being in Kota, Ritesh had quite free time. and since of which he started travelling to Delhi, as he found it more interesting. So, he wont to stay in PGs, budgeted hotels.
Who would have thought, that just by staying up in several budgeted hotels, he would develop a thought out of it?
Amazing, isn’t it?
Delhi, for him, became land for his passions.
In other words, by making weekend plans to Delhi, he started covering conferences by entrepreneurs. He also attended various events by them. He wont to see and obtain ideas regarding, doing something of his own.
By 2011, he finally moved into Delhi. He came here to try to to the preparation of SAT, for moving to the US for further studies.
But something was missing in his life. He didn’t find joy within the preparation and unfortunately, SAT never happened. As his interest was shifted within the direction of entrepreneurship, business and on startup like AIRBNB.
He even joined The University of London, India’s campus. But just after three days of joining, because it wasn’t his cup of tea.
So he left the university and never came back and focused on starting his venture in hospitality.
Ritesh, during his days of travels and stays during a hotel, noticed that budget hotels in India didn’t even meet the very basic needs of a budget traveller. this chance strikes him tons .
He discovered that hotel line may be a big and an excellent opportunity to figure , and hence, he did. And, he became quite passionate to kick starter his venture.
Ritesh Agarwal once said, that, “As an entrepreneur, you’re wired for being optimistic, as, if there’s a 5% chance, you’ll need to take that chance”.
Therefore, capitalizing on this chance , he started Oravel Stays in 2012. Oravel Stays was meant to be a destination for brief and midterm rentals, for bed and breakfast joints, private rooms and serviced apartments.
This startup was such a tremendous idea, that in regardless of of your time , they received funding of Rs30 lakhs from the VentureNursery.
Also, being then First Asian Resident to use and be selected for The Thiel Fellowship, he received a funding of $100,000.
You must be wondering, that what’s a Thiel fellowship?
Well, Thiel Fellowship is sort of a global contest for college kids under the age of 20.
This fellowship was sponsored by Peter Thiel, who may be a co-founder of PayPal and therefore the early investor of Facebook.
Ritesh managed to be within the top ten winners, who received a sum of $100,000 for 2 years. along side that, the sole condition for Thiel fellowship was that the person should be a dropout and will have an excellent idea for a startup.
Ritesh learned tons from this fellowship.
Firstly, to Think very Big.
Secondly, that Being Innovative is completely okay.
Learning new things and gaining knowledge has always been his thing. Ritesh had always wish to grasp new ideas.
This funding, let him work more rigorously on this startup. But eventually, he faces difficulties in getting his startup at a high pace.
Due to which, he even hired a co-founder for Oravel, Manish Sinha from Gurgaon based Cinnamon Stays. But, still, there have been some troubles which were faced and thanks to which Manish had to quit the corporate .
The company wasn’t ready to pick or get substantial transactions.
THE BEGINNING OF OYO ROOMS BUSINESS MODEL
Ritesh felt a touch low, but he kept himself motivated.
As, in life, there’s always a coffee point which tries to back us down, but if we still decide to be motivated and focused, we’ll reach the heights.
That’s the truth of life.
Well, he once more bagged himself confidently and was ready to fly high.
Ritesh realized that the most important struggle for a traveller is to seek out an honest and affordable hotel. As he wanted to form the experience of a visit worthwhile for people.
It’s quite common, like once you are getting to travel somewhere, you aim to possess an honest and memorable trip.
But wait, what makes a visit memorable?
Quality time together with your loved ones, visiting new places, eating amazing food, but the most thing is that the hotel rooms. As this is often the most thing which we specialise in . Isn’t it?
We see if the washroom if nice or not, beds are soft or not, is that the hotel providing complimentary breakfast and also what all other facilities the hotel has?
This is what made Ritesh thinking, and thus he reached the consensus of creating such a web platform, where you’ll get of these kinds of information during a single platform.
Incredible idea. Isn’t it?
Therefore, Ritesh re-launched his business model in 2013 and there came the OYO Rooms.
OYO rooms became a mission to make great living spaces for the commoner In India with affordable prices.
It reached bent prospective hotels or hotel owners could also reach bent them,
and then the OYO’s team would visit the place.
They wont to audit the hotel, to know the changes that might be required to standardize the property as per OYO standards, and shares an equivalent with the hotels.
After the launch, Ritesh even got on board with Bhawna Agarwal, former CEO at e-commerce firm SeventyMM for critical business advising.
Ritesh decided to play it smart & safe and made bound to leave no stone unturned.
Oyo rooms tied-up with a dozen numbers of hotels and with their help offered rooms to its customers.
Things began to recover for them and to satisfy the stress they eventually had to extend their team of two to fifteen then twenty-five, and so on.
The business was reaching its height.
In 2014, the corporate raised Rs.4 crores from LIghtSpeed Ventures, who was the company’s first institutional shareholder.
Bejul Somania, director of Lightspeed Ventures, and Ritesh became good partners.
Bejul was the one, who told Ritesh that getting the proper set of individuals to hitch the corporate , who have an equivalent ambition, will create an important impact.
And, thus he OYO got his new COO, Abhinav Sinha, 2014.
Also, In May 2014 it received funding of about $650,000 from Sequoia Capital and LSVP at a pre-money valuation of $60 million.
TASTE THE FAILURE
As the company was trying to succeed in its heights. Some problems grew up like hurdles.
Media, criticized Ritesh, for telling false information about himself. it had been said that he was involved in unethical business dealings. Many claimed that the book he wrote, wasn’t actually written by him.
2015, also led to a courtroom battle against the company’s over data theft.
But, these accusations didn’t stop them for working hard.
Ritesh Agarwal, considered 2016, because the re-evolution of OYO.
As he believed that, “When the days are low, then the good companies are built”.
As the customer demand increased more. Also, yields were much higher than before.
Results were amazing.
As the customer demand increased more. Also, yields were much above before.
Ritesh always felt that, if this alteration is what making the purchasers and asset owners happy, then this is often how they’re going to continue.
Thus, they pack up their aggregating business, changed it into full assets, with exclusively franchised and leased assets. Oyo share price was getting results.
HEIGHTS OYO IS ACHIEVING
Their aim to satisfy the stress of consumers , and keeping them their priority made OYO, magnificent hotel chain.
OYO, which now considered as India’s largest hotel chain, on the brink of 145,000 thousand leased and franchised keys, that’s on the brink of double all the branded chains, is considered the “FASTEST GROWING HOTELS”.
Apart from all this, OYO has also initiated Weddingz.in, for planning a hassle-free wedding, and OYO total holidays, for arranging travel packages.
This is just the start which Oyo has started with, reaching heights remains there.
Today, Oyo’s franchise covers 18,000 properties in 500 cities round the world.
Oyo has earmarked $950 million to bankroll a multipronged expansion across Asia over subsequent five years.
By getting immense success in Oyo Rooms, Ritesh Agarwal also made-
OYO TOWNHOUSE, for the essential needs of millennial.
OYO HOMES, providing villas and apartments for privacy.
CAPITAL O, for elite guests.
SILVER KEY, apartments with stylish interiors.
It has a presence in 320 cities and nearly 10,000 OYO-branded hotels with 450,000 rooms.