Exclusive: ‘Sadly, it’s not true’: Vijay Shekhar Sharma on Alibaba increasing stake in Paytm

I typically google companies before interviewing execs. On my way to meet Vijay, Google told me it’s been in the news that Alibaba is increasing stake in Paytm. Read more here. I was excited.

Spoiler Alert: Jack Ma is not putting more money into Vijay Shekhar Sharma’s Paytm wallet. He told me so.

Business Insider caught up with Vijay, founder-CEO of Paytm on a couch, claiming he charges Rs. 15 per selfie. I finally got away for free.

Congrats! Alibaba’s increasing stake in Paytm.
I love such news. Sadly, it’s not true.

You borrowed Rs. 300 Cr from ICICI Bank for ‘Treasury Management’. Please elaborate.
It’s not borrowing in the traditional sense. They have sanctioned us that money as a loan, and they’re charging an interest on that.

All money from Paytm wallets is stored in an ICICI Bank acc. Are you earning interest on that?
No, ICICI does!

In times of startup pay cuts and pink slips, you’ve offered 100% salary hike for 200 employees.
Not for everyone. It’s up to 100%. Consider Sudhanshu (Gupta, VP – Business) here, he might get 8%, I’ll probably get 3%.

Paytm’s payment bank was supposed to come by first week of March (as read here)
No no! Its only post summer yaar!

Will there ever be a Paytm Lite?
That’s a stupid term, crappy platform and crappier logic. Theoretically there’s an app, and there’s web. That’s it.

Do you believe VCs are tightening purse strings?
VCs are more conservative in giving money if they are li’l confused.

Image Source: Indiatimes