Why is Paytm India's Top Startup?

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Paytm was launched in 2010 as an Indian start up. The original service of Paytm was to help users to make their bill payments and recharge mobile phones, while earning reward point. In this post we will see the reason why Paytm is considerd the top indian startup and get more details about this startup. What is Paytm? Paytm was founded by Vijay Shekhar Sharma, in Noida with an initial investment of $2 million. Paytm's parent company One97 Communications which is also owned by Vijay Shekhar Sharma was started in 2000 and operates into multiple fields. Who owns Paytm? Paytm has been backed by Jack Maa's Alibaba and Ratan Tata of the infamous TATA Group. Although partially owned by Chinese company Alibaba, Paytm remains an Indian company with majority of stake holders being Indians (primarily Ratan Tata and Vijay Shekhar Sharma himself.  What got Paytm the required boost? Paytm added a lot of features in 2013 and moved from a mobile and DTH recharge service to an online payment pl

Keep it Simple

This article brings us to the 4th Principle that is, Keep it simple.

Dr. Sathya Jeganathan is a pediatrician in Chengalpattu Government Medical College, a rural hospital in South India. She was getting troubled by the low mortality rate of the infants in her hospital. Of each 1000 babies that were born, 39 died in the first four weeks of life. The case was similar across the entire country. Roughly 2.6 crore children were born each year. Out of which 12 lakh died during the 1st month of their birth.

The solution was in the west in form of incubators. She tried to import few for her hospital, but the setup itself coasted her lot of money, had high maintenance cost and it required a well trained staff to operate. It was a solution, but for the rich west only. It could not be implemented in the rural India.

Undeterred, she tried to do some Jugaad thinking. She decided to design her own incubator, one that was simple, inexpensive and easy to use. She teamed up with neonatal nurses and local electricians to develop a minimalist incubator from a wooden table made of locally harvested wood, a Plexiglass top and a standard 100-watt light bulb that was used to provide the heat.

While the incubators in the west coasted Rs. 10 lakhs for an unit, Dr. jeganathan’s incubator coasted only Rs. 5000. After an initial testing of the prototype at her hospital, the result was a clear. They managed to save more than 50% of the babies that would die in the absence of this simple device.

US medical device makers spend billions on R&D for something that can be kept so simple and affordable. In the attempt of pushing the boundaries of technology, R&D actually increases the cost of a simple solution and makes it more and more complex. Thus Jugaad Innovators need to keep it simple.

The Practical Benefits of Simplicity
They are cheaper to make and therefore more affordable: Resources in the emerging markets are scarce and expensive. Simple products require fewer resources and can keep the product affordable.

They are easy to install and maintain: Emerging markets face a lack of skilled workers. In India, 26% adults are illiterate and they can’t read and write.
They can cater to a wider audience: Designing simple products is a key to achieving universal appeal across diverse groups.

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