'I Get Knocked Down, But...': Paytm Founder Vijay Shekhar Sharma Shares Resilience Amid RBI Crackdown and Market Challenges

In the evolving world of fintech, where market volatility and technological advancements create a whirlwind of opportunities and challenges, Vijay Shekhar Sharma, the founder of Paytm, in his recent post on the social media platform X, formerly Twitter, shared a post that features with lyrics from the iconic song 'Tubthumping' by Chumbawamba.

In his post, he also shared a video of NVIDIA's founder and CEO Jensen Huang, addressing Caltech graduates, and encouraging them to pursue their craft with dedication and resilience.

Sharma, wrote, "I get knocked down, but I get up again You are never gonna keep me down..."

In his post, Sharma shared a short video of Jensen Huang's speech at Caltech, addressing the graduates. Huang, who founded NVIDIA, transformed it from a struggling graphics card company into a leader in AI and computing technology.

RBI's Paytm Crackdown

Paytm's journey has been nothing short of a rollercoaster. From its beginnings as a mobile recharge platform, it evolved into a behemoth in the digital payments space, offering services including banking, insurance, and e-commerce.

However, the path was fraught with obstacles. Regulatory challenges recently posed significant hurdles to the company.

Earlier this year, the company faced a major regulatory crackdown from the Reserve Bank of India (RBI). The RBI imposed restrictions on Paytm Payments Bank to cease all new customer onboarding and deposits due to ongoing non-compliance with regulations.

This regulatory action has had significantly affected Paytm's business. Without the ability to accept new deposits, Paytm is restricted to just facilitating transactions, which provides limited revenue opportunities.

Netizens Reaction

Sharma's post garnered with many comments, likes and views.

One of the X user to Sharma's post wrote, "Yes let’s get up and build the biggest fintech firm in the world, bigger than master card and visa."

Another user responded, "Paytm was/is my all time favorite company. Wishing to see it at the top again sir!"

Paytm Shares

The share of the company on Friday at 1:10 pm IST were at Rs 403.50, down by 1.94 per cent.