Paytm is an Indian payment and commerce company based out of Delhi NCR, India. Launched in August 2010, it is the consumer brand of parent One97 Communications. The name is an acronym for “Pay Through Mobile.”
About Founder of Paytm: Vijay Shekhar Sharma is an entrepreneur and founder of Paytm. Sharma started college at the age of 15.In 1997, while in college, started the website indiasite.net and sold it two years later for $1 million. Among other sources of funding, in 2015, Paytm became the first Indian company to receive funding from Chinese eCommerce company Alibaba, after it raised over $625 million at a valuation of $1.5 billion. The Alibaba Group was the biggest stakeholder in Paytm parent company One97 Communications.
Paytm launched the first phase of its payments bank today by offering accounts on an invite-only basis to mostly its north India customers. The first physical branch is in Noida. Paytm will launch the bank in other metro cities. The payments bank has already received an investment of Rs 220 crore from its parent company One97 Communications.
Paytm wallet will continue to be a wallet solely even after the bank is launched. Customers can keep a cash balance in it as well as continue to transacting using the e-wallet.