11/11/2023 0 Comments Paytm paytm ipoacharyabloombergIts payments service really took off in 2016, when India’s government invalidated most of the country’s bank notes in an effort to eliminate illegal transactions. Paytm, whose name rhymes with ATM and is shorthand for Pay Through Mobile, started in 2011 primarily to help users add credit to their prepaid phones before it began to operate a digital wallet service in 2014. The business soon began providing cricket scores, Bollywood news and horoscopes via text messages to feature phones. He founded One 97 in 2000 as a text-based people-search service - 197 is India’s hotline for phone inquiries. ![]() The son of a school teacher, he grew up in a town in Aligarh, in central India, and studied engineering in New Delhi, where he taught himself English by listening to rock music and reading text books with their Hindi translations. Sharma’s personal journey has run in sync with the rise of the mobile internet and the move from feature phones to smartphones. IPO investors who stuck with the company are now sitting on gains of nearly 800%. Facebook, recently renamed Meta Platforms Inc., lost more than half its value in the months after its 2012 listing in New York. Rocky IPOs aren’t always indicators of the future. “We are in it for the long haul,” Sharma said. Sharma, who owns 12% of the company after selling shares in the IPO, has a net worth of $2.5 billion, according to the Bloomberg Billionaires Index. Indeed, the company he started with a $100,000 loan two decades ago now has billions of dollars in cash to fund its ambitions of serving a billion customers in one of the most promising markets in the world. The slump is “no indicator of the value of our company.” Important gold buying tips: Sovereign Gold Bonds vs Gold ETFs vs jewelry, bars, coins.“I’ve never felt more excited, optimistic and enthusiastic about the future,” the 43-year-old said in an interview just as Paytm shares sank on Thursday. ![]()
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