The year 2016 has been quite an adventure for the startups in India. Flipkart has been fighting with the falling valuations and delays of recruits joining the company. Ola has laid off employees and Snapdeal faced protests after firing 500 people. Zomato was also in the news for firing 10% of its staff. Only Paytm seems to be in the news for the positive and right reasons.
The founder of Paytm, Vijay Shekhar Sharma has been ranked 103 in the list of richest Indians in Harun’s magazine. He is the richest entrepreneur under 40 as per Harun’s list. Vijay Sharma’s net worth jumped to Rs. 2824 crores to Rs. 7,300 crores. As the net value of the company jumped, Vijay’s value also jumped. This all seems possible due to Alibaba’s investment in Paytm and the funding rounds. The company is under the process of raising another $300 million. With this addition, the company’s value will be around 5 million.
Hurun’s List of India’s Richest has the list of around 339 entrepreneurs with a net worth of 1600 crore. There were 11 entrepreneurs who hit the list with the age of below 40. The MD of Harun Report, Anas Rahman Junaid on high net-worth individuals in India and China. Besides him, Indigo Airlines founder Rakesh Gangawal also saw an increase in wealth of over 150% at Rs. 15,900 crores.
In the list, Mr. Sharma is followed by Nilima Motaparti of a Divis Laboratories, a pharmaceutical company. Her wealth is estimated to be Rs. 7100 crores. Sachin and Binny Bansal, the Flipkart founders come after Kiran with an estimate of Rs. 5,400 crores each. The wealth of Flipkart founders fell drastically last year. Initially, it was 9010 crores. The Ola founder, Bhavish Agarwal’s net worth is Rs 3000 crores.
Vijay Shekhar Sharma, born in Aligarh, Uttar Pradesh, founded One97 Communications in 2005. This is the parent company of Paytm. Post his graduation from Delhi College of Engineering, he launched Paytm in 2010. The company’s services include mobile recharging, bus, movie, bill payment, flight booking and e-commerce services. Recently in 2014, Paytm launched Paytm Wallet. This is now India’s largest mobile payment provider. It has over 100 million wallets and 10 million app downloads. Mr. Ratan Tata has also invested in Paytm in 2015.
By the way, Mukesh Ambani still remains the richest Indian by a very high margin of Rs. 1, 63, 400 crores. Amongst the other horror stories of the startups, Paytm’s success still gives many entrepreneurs hope.