Siddharth Pandey, an Indian electronics engineer, has become a millionaire as a result of India’s largest ever public offering. But, when Paytm was a fledgling start-up nine years ago, Siddharth says he had to overcome his father’s objections to join the company.
Because of Paytm’s $2.5 billion (roughly Rs. 18,589 crore) IPO, approximately 350 current and ex-employees will each be worth at least Rs.1 core ($134,401.38). Many people, including Pandey, will become millionaires when the company goes public next week.
Due to country’s low per capita income, these benefits are enormous (roughly Rs. 1,48,000)
Pandey is currently employed by an unnamed start-up and is no longer employed by the company where he previously worked. He claims, however, that after a seven-year stint at Paytm, he left with tens of thousands of shares.
The shares were trading at Rs. 2,150 ($28.9) per share on Friday, but he refused to elaborate. Pandey claimed that at the end of his career, he would be worth more than a million dollars.
When Pandey joined Paytm, the company had fewer than 1,000 employees. The company employs over 10,000 people and specialises in banking, retail, movie and travel ticketing, and gaming.
Pandey claims that while in Udaipur, Rajasthan, in September to celebrate his father’s birthday, he spent $5376 on a five-day luxury trip that cost him $4,000.
“Paytm has always been a welcoming payment service provider. Vijay (Sharma, the founder of Paytm) wants people to achieve financial independence and progress in their lives.” According to Pandey,
