Paytm founder Vijay Shekhar Sharma to buy Rs 82 crore worth real estate in Lutyens’ Delhi

Paytm founder and CEO Vijay Shekhar Sharma has paid a 'substantial' advance and signed an MoU to purchase real estate in one of the country's most expensive residential areas, Golf Links in Lutyens, New Delhi.

By: Express Web Desk | New Delhi | Published: June 7, 2017 9:51 am
Vijay Shekhar Sharma, Paytm, Lytens' Delhi, SoftBank Group Paytm Founder and CEP Vijay Shekhar Sharma. (File Photo)

Paytm founder and CEO Vijay Shekhar Sharma has paid a ‘substantial’ advance and signed an MoU to purchase real estate in one of the country’s most expensive residential areas, Golf Links in New Delhi, reported Times of India on Wednesday. The entrepreneur plans to build a house on a 6,000 square feet property in Lutyens’ Delhi, worth Rs 82-crore. Reportedly, Dabur Group’s VC Burman purchased a bungalow in Golf Links for Rs 160 crore, while BPTP promoters sold a 575-sq-yard asset for Rs 65 crore in 2015.

Sharma, who heads the second-most valued internet enterprise after Flipkart, hold 16 per cent stake in Paytm. Additionally, he is a majority shareholder in Paytm Payments Bank, which was launched last month, with 51 per cent ownership.

In its most recent round of funding, the digital payments firm raised $1.4 billion from Japan’s SoftBank Group, taking the company’s valuation to nearly $7 billion. SoftBank and China’s Alibaba Group are major shareholders in the startup — Flipkart, whose valuation touched $15 billion in 2015, is now valued at $11.6 billion.

38-year-old Sharma was named India’s youngest billionaire by Forbes earlier this year, with a net worth of $1.3 billion. His wealth surged nearly 162 per cent in 2016, according to Harun India rich list.

“This investment by Softbank and support of the incredible entrepreneur Masa Son is a great endorsement of our team’s execution and vision. We believe we have a great opportunity to bring financial inclusion to half a billion Indians,” Sharma had said in a statement after the funding. “Paytm plans to invest Rs 10,000 crore over next three to five years towards its commitment to enabling half a billion Indians to join the mainstream economy,” he added.

Paytm’s mobile wallet services are used by more than 220 million users across the country. The company’s efforts were boosted last year following the period of demonetisation, when Prime Minister Narendra Modi urged people to switch to cashless payments. In fact, the company claimed it registered over seven million transactions worth Rs 120 crore in a day following the noteban announcement. Five million new users were added as well, according to the company.

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  1. S
    Shipla Sharma
    Jun 23, 2017 at 2:58 pm
    Its very good article.. Their is more about unstoppable PayTM's Vijay Shekhar Sharma.. : revaalo /blogs/unstoppable-paytms-vijay-shekhar-sharma
    1. Tushar Mangl
      Jun 8, 2017 at 12:40 pm
      This is in regards to a wilful fraud perpetrated upon me by the team at Paytm by closing my account without consent or information and by denying knowledge about my money and important transactions. They are claiming forged do ents to show that I reverted to an employee of theirs named Ganesh whereas I neve did that. Now I being forced to accept an amount from Paytm which is not based on any do ent or account statement. It has been omly announced by Paytm that they will give this much money. Take it or leave it. The powers to be are on thr side. They wont event show me a do ent or statement of my account which they closed on whim. No one knows where my money has been parked. Vijay Shekhar Sharma who is aware of this fraud has blocked me so as to shrug responsibility and to encourage his men to defraud people. : www.tusharmangl /2017/06/the-story-of-willful-fraud-by-paytm-to
      1. Tushar Mangl
        Jun 8, 2017 at 12:43 pm
        : www.tusharmangl /2017/06/the-story-of-willful-fraud-by-paytm-to
      2. P
        Jun 7, 2017 at 7:13 pm
        If there is wrong deduction from your Paytm wallet or if a Bill payment fails even after it gets debited from your wallet or Bank account, the Pytm customercare is of no help. They invariably respond that the customer was wrong, he had committed a mistake or the customer should directly contact the Biller while they don't furnish any reference number to take up with the Biller. You can't even escalate this to a higher authority as there are none. There is also no ombudsman for the payment Bank. Even educated and Internet savvy people find it difficult to tackle such mispayments. Just imagine the elderly or not so educated people or those without an Internet. The would have sunk money sometime or the other using Paytm. They must be making a huge profit from such transactions.
        1. U
          Jun 7, 2017 at 4:32 pm
          Chalo kisike aa e acche din! Doosron ke kachche din 😂😂😂😂😂😂
          1. A
            Jun 7, 2017 at 2:40 pm
            This new reporting of the owner & CEO of PAYTM is to coverup the major shareholder? Isn't Adani have major share in this scam project? is this guy a benami ?
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