FALL OF THE ICONS

The inside story of how the two poster boys of India's start-up ecosystem-Paytm's Vijay Shekhar Sharma and Byju Raveendran of BYJU'Sscaled great heights only to script their own downfall

- M.G. ARUN, AJAY SUKUMARAN & SONAL KHETARPAL

IN terms of personality, Vijay Shekhar Sharma, founder of digital payments start-up Paytm, and Byju Raveendran, co-founder of edtech start-up BYJU'S, could not be more different. Sharma, 45, is outgoing and aggressive, and wears his emotions on his sleeve, be it in office or outside. Raveendran, 44, on the other hand, is said to be shy and somewhat of an introvert, a man of few words, except when he gets down to doing what he loves the most-teaching.

However, there is plenty the two have in common, too. Both grew up in small towns, went to local schools and learnt English on the fly-one by memorising rock music lyrics and the other by listening to cricket commentary. From humble beginnings, both built formidable companies that rapidly became unicorns and they the poster boys of their respective businesses. Sharma, in digital payments, with 330 million digital wallets in his firm Paytm's payments bank, 118 million customers who took Rs 15,500 crore loans through its tie-ups and 60 million users for its FASTag service that allows digital payments at toll booths across the country. One97 Communications, the parent company of Paytm, posted revenues of Rs 6,028 crore in FY23 and had a market capitalisation of Rs 1.1 lakh crore at the time of its listing on the Bombay Stock Exchange on November 18, 2021, via an IPO (initial public offering).

Raveendran, meanwhile, made his mark in online education, where he built an enterprise that was valued at $22 billion (Rs 1.8 lakh crore) in 2022, earned revenues of Rs 5,298 crore in FY22 and had 120 million students and 600 offline centres. Sharma featured in Forbes' World Billionaires list in 2022 with a net worth of $1.2 billion (Rs 9,950 crore); Raveendran had debuted on the list two years before, in 2020, with a fortune of $1.8 billion (Rs 14,900 crore).