Summary

Vijay Shekhar Sharma is an Indian technology entrepreneur and founder and CEO of One97 Communications, the parent company of Paytm. Vijay was born in Aligarh, Uttar Pradesh and did his schooling in Harduaganj, Uttar Pradesh. He earned a Bachelor’s degree in Electronics and Communication Engineering from Delhi College of Engineering (now Delhi Technological University).

Personal Information

Achievements and Major Timelines:

• 1997: While in college, Vijay started indiasite.net, a website directory, which he later sold for $1mn.
• 2000: He founded One97 Communications, initially offering mobile content services like cricket news, ringtones and jokes.
• 2009: He launched Paytm as a prepaid mobile and DTH recharge platform.
• 2016: Paytm capitalised on India's demonetisation, leading to a surge in its user base and daily transactions.
• 2017: Vijay was listed in the Time Magazine’s 100 most influential people.
• 2018: He secured an investment from Berkshire Hathaway, marking Warren Buffett's first direct investment in India.
• 2021: He led Paytm's $2.5bn IPO, the largest in India's history at the time.

Challenges and Controversies

In February 2024, under regulatory pressure from the Reserve Bank of India, Vijay stepped down as non-executive chairman of Paytm Payments Bank amid concerns over compliance and supervisory issues.

In 2024, Sebi issued show cause notices to Vijay for violating rules regarding ESOP benefits. Sebi regulations state that large shareholders, with the ability to influence the company decisions, cannot hold ESOPs. Sebi contended that Sharma, holding a 14.7% stake prior to the IPO, should have been classified as a promoter, making him ineligible for ESOPs. To comply, Vijay decided to forego all ESOPs granted to him under One 97 Employee Stock Option Scheme, 2019.

Philanthropy and Personal Life

Vijay is married to Mridul Parashar Sharma. Beyond business, Vijay is committed to social causes, focusing on education and entrepreneurship. He has invested in numerous start-ups, fostering innovation in India's tech ecosystem.