Paytm founder and CEO Vijay Shekhar Sharma.
Credit: Reuters File Photo
New Delhi: Paytm founder Vijay Shekhar Sharma on Saturday spoke about his learnings from the RBI action on Paytm Payments Bank, admitting that it was an emotional setback at a personal level while professionally it was a lesson learnt about fulfilling responsibilities better.
Without mincing words, Sharma said "at a professional level, I would say we should have done better, there are no secrets about it, we had responsibilities, we should have fulfilled much better."
Speaking at the 7th JIIF Foundation day, Sharma was asked about Reserve Bank of India (RBI's) action on Paytm Payments Bank and how it impacted him as a founder who had painstakingly built his company. Sharma said individually it was an emotional setback, and that professionally "obviously we learnt a lesson, and we are much better..." Sharma admitted he has been through more challenging moments.
"When I was fundraising 2013-2014-2015 timeframe, our funds were drying up... I thought if we disappear (go down) no one will be bothered. Today it matters. As a founder, metaphorically speaking... my company is like my daughter...as a company we were getting mature... it is just as if a daughter who is a school topper has met with an accident on way to an entrance test... that is the kind of feeling which is little personal, emotional feeling.
"But at a professional level, I would say we should have done better, there are no secrets about it, we should have understood better... we had responsibilities, we should have fulfilled much better," he said.
Earlier this year, Paytm Payments Bank Limited (PPBL) came under regulatory glare as RBI ordered it to stop accepting new deposits in its accounts and its digital wallet from March on the grounds of "material supervisory concerns" and non-compliance with rules.
On Saturday, Sharma addressed questions about his dreams and ambitions, and his highs and lows.
Sharma said that his personal ambition is to build a USD 100-billion company, and added that he wants the Paytm brand to be recognised globally, as an Indian company.
He further said that listing a company brings "lot more responsibility and maturity" which has its own value and joy.
On a lighter note, he drew a parallel between taking a company public and getting married saying, "just like everyone should get married, it is part of life.... similarly keeping a company private, is like staying a bachelor." "It is a great opportunity to be listed, and jokes apart... ultimately it differentiates the men from the boys," he said.
Asked how he felt after erosion in share price of One97 Communications (the parent company of Paytm) post its listing, Sharma said his focus was and is always on company's fundamentals and business dynamics.
"I always wondered...do we have a great, healthy company that will continue to build business, free cash and invest. That matters more... Public market matters because it is a responsibility... but public markets are beyond you, they have many more variables and limitations, and things which are not in your control," he observed.
As a company, Paytm works hard in its business, he said, adding, "stock market or public market will understand in due course and things will sort out in due course".