Vijay Shekhar, aged 39, founder of mobile-wallet giant Paytm, has become the youngest Indian billionaire. He is the only Indian billionaire to feature in the under-40 league of Forbes.
Forbes has released a list featuring world’s richest people in which Shekhar is ranked at 1394 with a net worth of USD 1.7 billion. 39-year-old Vijay Shekhar founded Paytm in 2011 which grew rapidly thereafter. He also founded Paytm Mall, an e-commerce website following the success of mobile-wallet Paytm.
Forbes released a statement sharing the statistics of Paytm’s growth post demonetisation.
“One of the biggest beneficiaries of India's demonetisation, Paytm has notched up 250 million registered users and 7 million transactions daily. Sharma owns 16 percent of Paytm, which is now valued at USD 9.4 billion,” stated Forbes.
According to Forbes, the collective worth of 63 young billionaires has risen from USD 208 billion last year to USD 265 billion in 2018.
Chairman of Alkem Laboratories, 92-year-old Samprada Singh, is the oldest Indian billionaire with a net worth of USD 1.2 billion. He was ranked at 1867 on the list.
Alkem Laboratories is a 45-year-old firm, known for its anti-biotics Clavam and Taxim, has registered an increment in the share value since its IPO in November 2016. The shares of the company have doubled.
Forbes has featured 2208 billionaires in the list, out of which, merely 63 are under the age of 40 and 34 are self-made entrepreneurs.
Paytm has grown rapidly after it was founded in 2011 especially post demonetisation, when the mobile-wallet company got 250 million user registrations and 7 million transactions daily. Now, Paytm has set an exemplary in the start-up world by budding entrepreneurs.