The co-founder of India's second most valued internet company is buying a property in Lutyens' Delhi, which houses the country's most influential individuals.
For Paytm founder Vijay Shekhar Sharma, the good news continues to roll in. Weeks after the mobile wallet received one of the largest fund infusions into an Indian startup, its co-founder is now said to be buying a 6,000 sq-ft residential property worth Rs 82 crore in the capital’s swanky Golf Links, according to a report in The Times of India.
The report says that though the transaction is yet to be registered, Sharma has already paid a substantial advance after signing an MoU. Paytm did not comment on the report.
The plot in Lutyens’ Delhi, which houses India’s most ‘influential’, covers about 3,000 acres with around 1,000 bungalows, out of which only about 70 are for private use.
Paytm is currently India’s second most valued internet company after Flipkart. In May, Japan’s Softbank invested USD 1.4 billion in Paytm at a valuation of USD 7 billion.
In March, Sharma figured on Forbes’ list of Indian billionaires with a net worth of USD 1.3 billion and was the youngest on the list. He was also included in Time's '100 Most Influential' list.
Sharma’s remarkable rise from humble beginnings in Aligarh got a further boost last November after the government decided to demonetise 86 percent of the currency in circulation. The move pushed millions of Indians to digital payments and as an already established player, Paytm turned out to be a massive beneficiary.
Sharma said that his employees had done “600 days of work in 60 days” in the aftermath of demonetisation, helping Paytm cross 200 million users by March this year.Last month, Paytm also launched its payments bank.