Billionaire Vijay Shekhar Sharma, founder of Paytm in tears speaking at BSE; Shares emotional message
Vijay Shekhar Sharma, the founder of Paytm, became emotional this morning while speaking to investors at the Bombay Stock Exchange, or BSE, on the company’s market debut, following India’s largest-ever initial public offering, or IPO.
Mr. Sharma is seen wiping tears from his eyes with a handkerchief as he speaks to guests assembled in a BSE hall.
Paytm was launched in 2010 as a platform for mobile recharges by Mr. Sharma, an engineering graduate. Paytm’s popularity skyrocketed after ride-hailing company Uber featured it as a speedy payment option, and it increased even more in November 2016, when the government imposed an overnight ban on high-value currency notes, boosting digital payments.
Paytm, which has SoftBank as a partner, garnered $2.5 billion in its initial public offering, with $1.1 billion coming from institutional investors.
According to Forbes, Paytm’s success has made Mr. Sharma, a billionaire with a net worth of $2.4 billion. Hundreds of new millionaires have been created in the country as a result of the IPO.
Paytm’s stock dropped 21% on its first day on the market, valuing the Ant Group-backed digital payments company at about $1.11 trillion. In early morning trade, shares were changing hands at 1,705, versus an offer price of 2,150.
Vijay Shekhar Sharma, the founder of Paytm, sent out an inspirational message on Twitter on Thursday, thanking people who believed in the digital payments business. Sharma’s remark comes just hours before Paytm makes its stock market debut.
“I really feel for our cricket squad! So many messages, wishes, and good thoughts have been sent. It’s as if you’re transporting the hopes and dreams of young India to the Stock Exchange. In 11 years, India has gone from coal to fintech. To each and every Paytmer, thank you for making a positive difference in India “Sharma stated in the tweet.
