Can Rs 15,000 Crore Paytm-Zomato Deal Save Vijay Shekhar Sharma’s Fintech Firm? 

Also Read: No. Vijay Shekhar Sharma’s Resignation Will Not Save Him“We acknowledge that we are in discussions with Paytm for the aforementioned transaction; however, no binding decision has been taken at this stage that would warrant board approval and subsequent disclosure in accordance with applicable law,” Zomato has said.  Once among India’s most successful start-ups, Paytm’s fate turned after the Reserve Bank of India (RBI) cracked down on its payments bank business for violations allegedly related to inadequate documentation of customer information leading to potential misuse of the accounts.  Its founder Vijay Shekhar Sharma had to take responsibility and resign as non-executive chairman and member of the board. It was said that Paytm had received several warnings from RBI before the central bank cracked down. Sharma, it was believed, like the storied Icarus, had decided to fly too close to the sun.  Sharma’s story was what could be the Indian equivalent of the American dream—a young boy from a lower middle-class family climbs the hoops to become a billionaire. But there was a fatal flaw.  Read ‘The Fall’, the March cover of Outlook Business as Paytm tries to revive its fortunes. The story delves deep into the beginnings of Paytm, the psychology of its founder and how the company ignored multiple red flags.   

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