Last Updated on September 18, 2024 by Wenivesh Team
At the 7th JIIF (Jain International Trade Organisation Incubation and Innovation Fund) Foundation Day, Paytm founder Vijay Shekhar Sharma took center stage, delivering a heartfelt and insightful speech that resonated deeply with the audience. Describing Paytm as “like a daughter to me who met with an accident,” Sharma poignantly highlighted the company’s tumultuous journey, emphasizing both the challenges faced and the resilience required to overcome them.
Vijay Shekhar Sharma Compares Paytm to “Daughter in an Accident” at JIIF Event
Sharma painted a vivid picture of the transformation in India’s startup ecosystem, crediting the government for bringing startups into the mainstream and providing visibility to founders. He noted the “dramatic shift” from a time when startups were considered low on the job choice hierarchy. Now, he proclaimed, the “American dream” has given way to the “Indian dream” and the “Indian startup,” marking what he called a “truly golden period” for entrepreneurs in the country.
Financial services emerged as a crucial theme in Sharma’s speech. He referred to this sector as the “base and foundation” of all businesses, underscoring its importance in India’s ambitious goal of achieving 7% GDP growth, which necessitates a corresponding 21% credit growth. Sharma passionately described QR codes as the “heartbeat” of the financial system, highlighting how the mobile payments revolution has been instrumental in identifying and providing credit access to micro and small businesses. This, he believes, is vital for supporting India’s vision of a $5 trillion economy and achieving “Viksit Bharat” (Developed India).
Sharma didn’t shy away from offering advice to companies considering going public. He encouraged them to choose Indian bankers and to engage deeply with domestic retail investors well in advance through roadshows and interactions. He also stressed the importance of using clear, jargon-free language in IPO documents to help investors understand and visualize future business models.
In a written message, Prime Minister Narendra Modi lauded the “excellent work” and “enthusiasm” of Indians across various fields, calling it the nation’s greatest strength on its path to becoming a developed country. Modi acknowledged the significant contributions of organizations like JITO in driving the vision of a self-reliant India over the past decade.
Sharma’s address at the JIIF Foundation Day was a powerful testament to his unwavering belief in India’s startup potential and Paytm’s pivotal role in this ecosystem. His candid reflections and strategic insights provided a roadmap for future entrepreneurs, reinforcing the message that even in the face of adversity, innovation and resilience can lead to remarkable success.
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