(18/01/18) NEW DELHI :
PayTm founder Vijay Shekhar today addressed a packed house at Indian Digital Summit 2018 being organized by IAMAI at New Delhi.
Talking about his journey and challanges he said, “Initially there were many challanges including how to build a digital product for people who don’t use smartphones much. However our Eureka movement was when we thought of making mobile re-charge through mobile apps”.
Speaking about what he think of people adopting new technologies he said, “My theory is the more the world grows, the more people become dependent on technology, people become solo. Basically the consumer will do more what they can do if you give them a chance to do it”.
In his no holds barred speech he also commented harshly on pattern adopted by various companies he said, “In modern times when a product or service is developed, Poor treated as public and rich are called market!”.
He was also vary positive about India’s growth model and commented, “By 2025 In next 7 years In India something will happen that has never happened in last 7 years. As a market we will grow at an unprecedented rate”.
He also had words of appreciation for the his senior entrepreneurs who might have now become competitors and said, “Flipkart changed the face of startup in India by getting a billion dollar funding in 2015”.
Talking of PayTm stats apart from e-wallet or e-commerce section he revealed that today Paytm is the number two company in travel category with only 20% gap from the industry leader.
In last two-three Bollywood hits PayTm contributed 20-22% of ticket sales, he added.
He also said that companies must have more focus on smaller markets and said that we are underestimating the power of tier 2-3 cities. India is a market of not one or two giants or companies but of a ecosystem.
How does PayTm earns!
On being asked the obvious question he said “Your strategy should be so dumb that people laugh over it. Despite cashback, marketing, advertising etc. PayTm is still profitable”.
Sharing his success mantra he said, “Cut the options, don’t have choices and you will be successful”.
On his cashback strategy he said, “In PayTm the cost of customer acquisition is almost negligible in many sectors so we use that 10-15% as cashback”.
On crypto currency also Vijay Shekhar commented by claiming that Crypto is internet of 1990-2000, crypto is a revolution same as internet.
