'Paytm was like a daughter to me who met with an accident': CEO Vijay Shekhar Sharma

Paytm Founder and CEO Vijay Shekhar Sharma has said the company was like his daughter who was a school topper and met with an accident on the way to an entrance test.

Metaphorically speaking at the 7th JITO Incubation and Innovation Fund (JIIF) Foundation Day, Sharma said, "As a founder, my company is like my daughter...as a company, we were getting mature...it is just as if a daughter who is a school topper has met with an accident on way to an entrance test...that is the kind of feeling which is little personal, emotional feeling".

At the event, he also spoke about his learnings from the Reserve Bank of India (RBI) action on Paytm Payments Bank.

The CEO acknowledged that the setback was emotionally challenging on a personal level, but it served as a valuable lesson in fulfilling responsibilities professionally.

In addition, Sharma talked about his dreams and ambitions, and his highs and lows.

He said that his personal ambition is to build a $100 billion company, adding that he wants Paytm to be recognised globally as an Indian firm.

Furthermore, he said that listing a company brings "a lot more responsibility and maturity," which has its own value and joy.

Meanwhile, Paytm has witnessed early signs of recovery and strong stabilisation for its Unified Payments Interface (UPI) business, marking a strong turnaround for the company.

The total value of UPI transactions processed on the Paytm platform grew to Rs 1.24 trillion in May, on the back of the company launching several initiatives for users such as Credit Card on UPI, as well as pushing the lever on UPI Lite.