Paytm founder Vijay Shekhar Sharma said a single day's loss is not equivalent to the whole picture. He was speaking to an English news channel NDTV after the company's debut on bourses today.
Supposed to be the country's biggest IPO with a size worth Rs 18,300 crore, it debuted at a 9 per cent discount. It closed at a price of Rs 1,560, 27.40 per cent below the offer price. Out of the total issue, the fresh issue was worth Rs 8,300 crore and the offer for sale was for Rs 10,000 crore.
Nevertheless, the company managed to breach a total market capitalisation of Rs 1.01 lakh crore.
He said this is the first time in history that Indians are creating technology for Indians which has the potential to be further exported. He said the company would now have to do a better job in explaining the model. "There is no doubt that a payments company can expand to insurance, investments. We need to explain the business model of our company and execute that business model," he was quoted as saying. He added that the company has made a conscious choice of investing in engineering and salespeople despite the assertion that switching to customer acquisition and new technology could help them acquire greater profits.
He expressed his optimism on the country becoming a sustainable place for tech companies.
Sharma informed that 40 per cent of Paytm was once bought for Rs 8 lakh at one point. He mentioned that the company could soon achieve what he called the 'Great Indian Dream' to build technology in India. "If we don't build it, someone else will build it. And I believe that we can build it. I do believe that soon we will achieve the 'Great Indian Dream' to build technology for India," he told the channel in an interview.
Earlier during the day, Sharma got teary-eyed during his speech ahead of the listing. He said the words "Bharat Bhagya Vidhaata" overwhelmed him as that defines his vision for the country and his company's aspirations.
