What is Paytm Mafia - Case Study

Paytm was founded in the year 2010 by Vijay Shekar Sharma headquartered in NCR region in the nation's capital. It was started as an online wallet and since then had revolutionized the retail industry. Paytm offers a wide variety of services from prepaid mobile recharge, paying utility bills online, booking train tickets, booking movie tickets, pay insurance premiums, shopping bills and get in the fast lane with Paytm FasTag, shopping for clothes and appliances.

What is Paytm mafia
Startups Founded by Paytm Mafia
Startups Funded by Paytm Mafia
FAQ

What is Paytm mafia

The term startup mafia is derived from the term 'PayPal mafia' where former employees of PayPal begin their own ventures. The startup mafia helps one another by providing support, investments, and mentoring to help upcoming startups.

The startup mafia accounts for a sizeable portion of the Indian startup ecosystem, as former employees of unicorns such as Flipkart, Paytm and Ola have gone to begin their ventures.

Well, Paytm is a huge organization that has hired more than 5,000 employees. Some of these employees quit their jobs to build a new venture after growing experience in building scalable products.

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Startups Founded by Paytm Mafia

Junio

Junio is a fintech startup that build products for children, such as a pocket money app. Founded by ex-Paytm employees Shankar Nath and Ankit Gera, they received funding of $1 million from angel investors. The company targets kids in the range of Class 4 to Class 10 and plans to onboard over 2.5 million users by 2024.

One of the vital things, the former Paytm executive learned from his tenure in Paytm is the power of collaboration. Where they worked with more than 100 brands on their consumer promotions.

Another takeaway from their experience in Paytm is to build a product in a simple and usable manner. One needs to understand where the system breaks and move carefully while building a product. The only competitor right now to Junio is sequoia funded Fampay that also exclusively caters to children.

The idea of letting your kid manage their financials by providing them money is quite a new concept in India. Junio seeks to digitize pocket cash and nurture finance knowledge in children at quite an early age.

Park+

Park+ is an app-based platform for B2B businesses and daily commuters that offers smart parking automated solutions. The cloud-based app caters to car owners. The solutions offered in this app include parking reservations to FasTag recharge and a lot of other solutions offered. Park+ was founded by ex-VP of Paytm Amit Lakhotia. He founded this app to solve the parking problem people face in their day to day lives in India.

Park+ has raised over $11 million in funding from Sequoia, Matrix Partners.

Indiagold

Indiagold is the only app in India where you can buy and sell 24 karat gold online with BIS Hallmark certification. It was founded by Deepak Abbott, a former employee of Paytm. You can also buy gold coins and jewels on easy instalments with UPI or debit cards. This app also provides instant gold loans and a secure gold locker facility currently available in Delhi NCR.

The services will soon be opened all across India. Indiagold is now trusted by over 5 lakh customers.

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Startups Funded by Paytm Mafia

GOQii

GOQii is an Indian startup founded in 2014 by Vishal Gonda. It specializes in building a preventative healthcare ecosystem. It promotes a healthy and balanced lifestyle with a combination of advanced wearable technology, personal coaching. It has received an undisclosed investment sum from Paytm founder.

Unacademy

This Indian startup Unacademy started its journey as a YouTube channel back in 2010. It became an EdTech unicorn after its official launch in 2015. This Bangalore based company provides educational content and online classes for various competitive exams like GATE/NET, NEET, CAT, UPSC, Railways, bank officers. The Paytm founder had invested twice in this EdTech unicorn.

Flyrobe

Flyrobe is a startup which is an online fashion rental platform. The platform allows users to rent designer clothes for a fraction of the MRP. It is India's largest such platform. This startup received funding from the Paytm founder.

The Ken

Ken is a subscription-driven business news website founded in 2016 by a team of experienced journalists based out of Bangalore. Their goal is to promote content every morning by publishing fresh and original business insights to professionals, entrepreneurs and investors. It received an undisclosed amount of funding from Paytm Founder Vijay Shekhar Sharma in 2016.

FAQ

Who is the current owner of PayPal?

Paypal is owned by eBay which acquired it for $1.5 billion in October 2002.

Who is the CEO of Paytm 2020?

Varun Sridhar is the current CEO of  Paytm.

Is Paytm an Indian company?

PayTM is owned by an Indian company by the name of One97 Communications Ltd.

Conclusion

Paytm mafia has nurtured and supported the growth of the Indian startup ecosystem. The Paytm mafia has been through the highs and lows. For them every day even tiny mistakes cost a lot. They bring a lot to the table which they gained in working among top companies. They also understand the mindset of the consumer which helps them build products that can thrive in the current market.