Paytm founder Vijay Shekhar's new Lutyens' zone acquisition
Paytm founder Vijay Shekhar Sharma has a new property: 6,000-sq-ft residential premises worth Rs. 82cr at New Delhi's coveted Lutyens' zone, one of India's most expensive locations. Sharma has reportedly paid a "substantial advance" after signing the MoU; he plans to build a new home there. This comes two weeks after the launch of Paytm Payments Bank, where Sharma holds 51% ownership.
Vijay Shekhar Sharma
Vijay Shekhar Sharma is the founder of Indian e-commerce giant Paytm. Being born into a middle-class family in Uttar Pradesh, Sharma enrolled at Delhi College of Engineering at 15. After launching successful online ventures, Sharma's Paytm platform scripted massive success, with the company now worth over a billion dollars. Sharma attributes his biggest inspiration to Alibaba's Jack Ma and Softbank's Masayoshi Son.
Paytm raises $1.4 billion from SoftBank
Paytm has recently raised over $1.4 billion from Japanese investor SoftBank, in one of its largest funding rounds from a single investor. Paytm has now become SoftBank's largest investment in India, and SoftBank seeks to replicate the success Alipay had in China, through Paytm in India. Paytm said it plans to invest $1.6 billion in 3-4 years to increase banking-access for Indians.
The first entry by an internet billionaire into coveted zone
Sharma, who also holds 16% stake in Paytm, is worth $1.3bn, and is the youngest Indian billionaire in the Forbes list. According to Hurun India, his wealth increased 162% in 2016; he is now the richest entrepreneur under 40. His recent purchase at Lutyens' marks the entry of an internet billionaire into the exclusive location, which also hosts Dabur Group's VC Burman.
Flipkart founders secured a house in prime Bengaluru location
Sharma's rival, Flipkart co-founder Binny Bansal, last year clinched a Rs. 32cr deal for a 10,000 sq ft property in Bengaluru's Koramangala. Their neighbors include Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan, as well as MP Rajeev Chandrasekhar.