In New Delhi, Paytm founder Vijay Shekhar Sharma on Saturday spoke about what he learned from the RBI's action on Paytm Payments Bank and admitted that it was an emotional setback on a personal level, while on a professional level it was a lesson learned on how better fulfill responsibilities.
Without mincing words, Sharma stated that "on a professional level, I would say that we should have done better, there are no secrets about it, we had responsibilities, we should have done much better."
Speaking on the seventh day of the JIIF Foundation, Sharma was asked about the Reserve Bank of India's (RBI) action on Paytm Payments Bank and how it affected him as a founder who had painstakingly built his company. . Sharma said that individually it was an emotional setback, and that professionally "we obviously learned a lesson and are much better..."
Sharma admitted that he has been through more challenging times.
"When I was fundraising in 2013-2014-2015, our funds were running out... I thought if we disappeared (went down) no one would bother. Nowadays it matters. As a founder, metaphorically speaking... my company is like my daughter... as a company we were maturing... it's as if a daughter who is at the top of the school had suffered an accident on the way to an entrance exam... that is the kind of feeling that It is little personal feeling and emotional.
"But on a professional level, I would say we should have done better, there are no secrets about it, we should have understood better... we had responsibilities, we should have fulfilled much better," he said.
Earlier this year, Paytm Payments Bank Limited (PPBL) came under regulatory scrutiny when the RBI ordered it to stop accepting new deposits into its accounts and digital wallet from March on the grounds of "material supervisory concerns" and non-compliance. of the rules.
On Saturday, Sharma addressed questions about his dreams and ambitions, and his ups and downs.
Sharma said his personal ambition is to build a $100 billion company, adding that he wants the Paytm brand to be recognized globally, like an Indian company.
He further said that listing a company comes with "a lot more responsibility and maturity", which has its own value and joy.
On a lighter note, he drew a parallel between taking a company public and getting married saying, "just as everyone should get married, it's a part of life... similarly, keeping a company private is like staying single."
"It's a great opportunity to be on the list, and joking aside... it ultimately separates the men from the boys," he said.
When asked how he felt after the erosion in the share price of One97 Communications (Paytm's parent company) after its listing, Sharma said his focus was and always is on the fundamentals and business dynamics. of the company.
"I always wondered... do we have a great, healthy company that will continue to build businesses, release cash and invest? That matters more... The public market matters because it is a responsibility... but the public markets are out of your reach . , they have many more variables and limitations, and things that are not under your control," he observed.
As a company, Paytm works hard on its business, he said, adding that "the stock market or the public market will understand it in due time and things will be fixed in due time."
Without mincing words, Sharma stated that "on a professional level, I would say that we should have done better, there are no secrets about it, we had responsibilities, we should have done much better."
Speaking on the seventh day of the JIIF Foundation, Sharma was asked about the Reserve Bank of India's (RBI) action on Paytm Payments Bank and how it affected him as a founder who had painstakingly built his company. . Sharma said that individually it was an emotional setback, and that professionally "we obviously learned a lesson and are much better..."
Sharma admitted that he has been through more challenging times.
"When I was fundraising in 2013-2014-2015, our funds were running out... I thought if we disappeared (went down) no one would bother. Nowadays it matters. As a founder, metaphorically speaking... my company is like my daughter... as a company we were maturing... it's as if a daughter who is at the top of the school had suffered an accident on the way to an entrance exam... that is the kind of feeling that It is little personal feeling and emotional.
"But on a professional level, I would say we should have done better, there are no secrets about it, we should have understood better... we had responsibilities, we should have fulfilled much better," he said.
Earlier this year, Paytm Payments Bank Limited (PPBL) came under regulatory scrutiny when the RBI ordered it to stop accepting new deposits into its accounts and digital wallet from March on the grounds of "material supervisory concerns" and non-compliance. of the rules.
On Saturday, Sharma addressed questions about his dreams and ambitions, and his ups and downs.
Sharma said his personal ambition is to build a $100 billion company, adding that he wants the Paytm brand to be recognized globally, like an Indian company.
He further said that listing a company comes with "a lot more responsibility and maturity", which has its own value and joy.
On a lighter note, he drew a parallel between taking a company public and getting married saying, "just as everyone should get married, it's a part of life... similarly, keeping a company private is like staying single."
"It's a great opportunity to be on the list, and joking aside... it ultimately separates the men from the boys," he said.
When asked how he felt after the erosion in the share price of One97 Communications (Paytm's parent company) after its listing, Sharma said his focus was and always is on the fundamentals and business dynamics. of the company.
"I always wondered... do we have a great, healthy company that will continue to build businesses, release cash and invest? That matters more... The public market matters because it is a responsibility... but the public markets are out of your reach . , they have many more variables and limitations, and things that are not under your control," he observed.
As a company, Paytm works hard on its business, he said, adding that "the stock market or the public market will understand it in due time and things will be fixed in due time."
