The founder and CEO of One97 Communications, Vijay Shekhar Sharma, became the largest shareholder at Paytm. Sharma and Antfin (Netherlands) had an agreement where Sharma would purchase 10.7% of Paytm shares and become the biggest shareholder of the fintech giant.
After this agreement, the shareholding of Antfin (Netherlands) will be reduced to 13.5% and Sharma’s holding will be increased to 19.42%. This deal will make Paytm a majorly Indian-owned company rather than a majorly Chinese-owned one.
Vijay Shekhar Sharma Paytm Share After Antfin Deal
Currently, Sharma has around 9% shares at Paytm under his name, which will be increased to 19.42% after the deal. This will be done under an off-market transfer in a no-cash deal.
For this, Sharma’s overseas entity, Resilient Asset Management, will issue debt instrument OCDs (optionally convertible debentures) to Antfin.
Earlier, Antfin held 23.8% of Paytm shares, which will be reduced to 13.5% after the agreement. Although there will be no change in the management of Paytm, Vijay Shekhar Sharma will continue to be the MD and CEO, and there will be no change in the Board of Directors as well.
Who is Vijay Shekhar Sharma?
Vijay Shekhar Sharma is the founder of one of the most successful fintech giants Paytm. Sharma was born on June 7, 1978, in Aligarh Uttar Pradesh. His father Sulom Prakash was a school teacher and his mother Asha Sharma was a homemaker.
Vijay Shekhar Sharma Education
Vijay Shekhar was a bright student, he did his schooling in Harduaganj, a small town near Aligarh. He completed his schooling when he was just 14 years old. Later he finished his engineering from Delhi College of Engineering which is presently known as Delhi Technological University (DTU).
Vijay Shekhar Sharma Wife
Vijay is married to Mridula Parashar Sharma and together the couple have a son named Vivaan Sharma.
Mridula Parashar is currently associated with 3 Companies as a director named Vss Investco Private Limited, Vss Holdings Private Limited, and One97 Enterprise Mobile Solutions Private Limited which is the parent company of Paytm.
Vijay Shekhar Sharma Career
Vijay Sharma comes from a humble background, and his entrepreneurial journey began in 2003 when he founded One97 Communications with the help of his friends.
He eventually ran out of money, but that didn’t deter him, and he chose to get a job to keep himself and his firm afloat. With this, he was able to make Rs. 10,000 each month.
One of his friends agreed to buy 40% of One97 for Rs 8 lakh in 2004. In 2010, he noticed India’s recently released 3G network, and he saw the potential and worked tirelessly to establish Paytm.
In the year 2018, Warren Buffett invested $300 million in the company, and as of June 2021, One97 became one of India’s most valuable unicorns.
Vijay Shekhar Sharma Net Worth
The story of Vijay Sharma is no less than a dream, from earning Rs. 10k per month to build a billion-dollar company. Today, Vijay Shekhar Sharma is a billionaire with a net worth of $ 1 billion (Rs. 8,200 crores). Sharma is the MD and CEO of One97 Communications, and he also has shares in some of the biggest firms.
He owns several properties across the country and also has a luxurious car collection. Apart from that, he has invested in multiple start-ups.
Vijay Shekhar Sharma Paytm FAQs
A. Vijay Shekhar Sharma’s net worth is $ 1 billion (Rs. 8,200 crores).
A. Vijay Shekhar Sharma is 45 years old.
A. Vijay Sharma is married to Mridula Parashar Sharma.
A. Vijay Shekhar Sharma has a son named Vivaan Sharma.
A. Optionally convertible Debentures are a kind of debenture that can be converted into shares at the expiry of a certain period based on predetermined conditions.