"We're augmenting the scope of Indian economy", says Vijay Shekhar Sharma, Founder, Paytm, a start-up that owns Paytm Wallet, India's largest mobile payment service platform. Ritesh Agarwal, the founder and CEO of Oyo Rooms says, "In real terms we've democratized hotel industry across categories without even owning a single hotel". Oyo stands for "On Your Own", a start-up with an app that enables inexpensive and comfortable sojourn for travellers across 100 cities in India and its 21-year old CEO is a college dropout. While Paytm is an acronym for Pay Through Mobile which enables cashless transactions via a smartphone app. Vijay points out that when technology enters an industry it changes the fundamentals of that industry and by launching the Paytm platform he has challenged hardcore banking organizations. And Ritesh believes his venture has dissolved boundaries between the verticals of the hospitality industry. Both these young entrepreneurs feel that start-ups have a lot of scope in India and they would certainly give back to the society in terms of funding and skill development with respect to ideas for new start-ups.
