Paytm's Captain Cool Finds Strong Support from Startup Community

RBI's restrictions on Paytm Payments Bank have sent shockwaves through the stock market, causing Paytm's shares fall for the 2nd consecutive day. However, the startup founders have united in support of the fintech founder. Read what they have to say.

Swati Dayal
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Startups Support Paytm

The Reserve Bank of India's (RBI) directive to halt business operations at Paytm Payments Bank has sent shockwaves through the stock market, with shares of Paytm's parent company, One97 Communications Limited, plummeting by 20% for the second consecutive day. Despite the market turmoil, founders of various Indian startups have united in support of Paytm's founder, Vijay Shekhar Sharma.

RBI's Action and Message From Paytm Supporters

This week, the RBI ordered Paytm Payments Bank to cease accepting fresh deposits, citing long-term non-compliance with central bank regulations, including issues related to customer due diligence, fund utilization, and technology infrastructure. In response, Indian startup founders have taken to social media to voice their support for Vijay Shekhar Sharma.

“Its Doglapan”: BharatPe's Ashneer Grover Criticizes RBI

BharatPe co-founder Ashneer Grover expressed his displeasure with the RBI's actions, labelling them as 'Doglapan' and warning that such moves could potentially stifle fintech growth in India.

Grover urged the Prime Minister's Office, the finance ministry, and Finance Minister Nirmala Sitharaman to address the situation promptly.

Vijay Shekhar Sharma Is A Resilient captain: Prafull Billore

Prafull Billore, owner and founder of MBA Chaiwala, hailed Vijay Shekhar Sharma as a "beacon for the company's future" amidst challenges. Billore emphasized Sharma's unwavering determination and visionary leadership, portraying him as a resilient captain steering Paytm through turbulent times.

VS Sharma Has Done Many First’s In The Country : Keval Bhanushali

Keval Bhanushali, CEO of 1 Finance, highlighted the cultural differences between India and the United States, criticizing the shallow mindset that revels in an entrepreneur's downfall. Bhanushali advocated for considering management changes before abruptly slamming the doors on the nation's largest listed fintech.

Vijay Shekhar Sharma Will Overcome The Challenge: Ravi Karkara

Ravi Karkara, co-founder of AI For Food, offered words of encouragement to Vijay Shekhar Sharma, expressing confidence in his ability to overcome the challenges and rise to greater heights.

Kritarth Mittal Stands in Solidarity

Kritarth Mittal, founder of startup Soshals, declared unwavering support for Vijay Shekhar Sharma, emphasizing that the entrepreneurial community stands united behind him. 

Arindam Paul Advocates for Unity

Arindam Paul, Founder of Atomberg Tech, criticized the scarcity mindset among Indians and urged society to support one another's success. He predicted Paytm's eventual return, citing Vijay Shekhar Sharma's humility and resilience.

Swapnil Srivastav Calls for PMO's Intervention

Swapnil Srivastav, founder of Kidbeaofficial, highlighted the potential impact of these restrictions on a public-listed company like Paytm and urged the Prime Minister's Office to intervene for the "Ease of Business" for startups.

Dr. Ritesh Malik Criticizes RBI's Decision

Dr. Ritesh Malik, Founder of Innov8cowrk, deemed the RBI's actions against Paytm as unjust and expressed solidarity with Vijay Shekhar Sharma, acknowledging the challenges faced by entrepreneurs.

Vijay Shekhar Sharma's Response

Meanwhile, Paytm's founder, Vijay Shekhar Sharma, characterized RBI's restrictions as mere "speed bumps." He reassured stakeholders that the company would reduce dependency on its associate bank and accelerate partnerships with other banks to navigate through the challenges.

As the RBI's crackdown on Paytm continues to reverberate, the outpouring of support from fellow startup founders signals a united front within the Indian entrepreneurial community. The rallying cry emphasizes the need for a collaborative approach to address challenges and highlights the resilience and determination of Vijay Shekhar Sharma in steering Paytm through turbulent times.

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