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The Silicon Review Asia

Paytm all set to take on a new set of competitors in USA

Paytm all set to take on a new set of competitors in USA

Paytm, the brainchild of Vijay Shekhar Sharma, had revolutionised the spending patterns of India by helping the country go digital. Now the Indian behemoth company is all set to take on the market in USA and face a new set of competitors like Apple Pay and Venmo. Vijay Sharma founded Paytm after he broke off from its parent company One97- a mobile servicing platform. Since then Paytm has come up with many services for Indian including but not limited to digital payments, booking of tickets, online markets etc.

"Vijay was at an interesting crossroads. He was the majority shareholder in One97.He could have easily sold the company and retired, or he could invest 100% of his net worth into creating a new company. The company was growing well and very profitable. When the results came back positive, my recommendation was to 'go big or go home," was a statement from Ravi Adusumalli, one of the first institutional investors at One97.

The app gained popularity after PM Modi declared demonetisation in India and is currently valued at $15 billion. It has partnerships with many reputed institutions like the Indian Railways, Uber, etc.

 

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