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
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The Six Principles of Jugaad

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Jugaad is not restricted to India. Countries with similar economies and circumstances give rise to Jugaad Innovators. The BRIC countries (Brazil, Russia, India and China) are the epicenter of Jugaad Innovations. Due to the Jugaad way of thinking in these countries, even at the time of global recession, India and China were growing at 7% and 9% respectively. The very fact that BRIC nations have been grappling with complexity and instability for so long seems to give them an edge and a kind of immunity in volatile and adverse circumstances. What all these countries have in common is the way of thinking, the Jugaad way of thinking. By understanding various case studies and innovators, the 6 Principles of Jugaad have been derived.
  • Seek opportunity in adversity
  • Do more with less
  • Think and act flexible
  • Keep it simple
  • Include the margin
  • Follow your heart
Together these 6 principles of jugaad help drive resilience, frugality, adaptability, simplicity, inclusivity, empathy and passion.

Seek opportunity in adversity
Jugaad entrepreneurs perceive harsh constraints as an invitation to innovate. Kanak Das, who lives in a remote village in North East India got tired of riding his bicycle on roads full of pot holes and bumps. Rather than complaining, he turned it to his advantage by retrofitting his bicycle with device that will converts the shocks it receives into acceleration energy, allowing him to ride his bicycle faster on bumpy roads. (For more about this invention here)

Do More with Less
Jugaad innovators are highly resourceful in the face of scarcity. The practitioners of jugaad, work with what they have got. This frugal principle can teach us to optimize the use of scarce financial and natural resources while delivering high value.

Think and Act Flexibly
Jugaad innovators’ flexible mindset constantly questions the status quo, keeps all options open, and transforms existing products, services, and business models.

Keep it Simple
Jugaad is not about seeking sophistication or perfection by over engineering products, but rather about developing a ‘good enough’ solution that gets the job done.

Include the Margin
While everyone typically serves the mainstream, jugaad entrepreneurs intentionally seek out the marginal, underserved customers and pull them into main stream.

Follow Your Heart
Jugaad innovators do not rely on focus groups or formal market research to decide what products to make-nor do they worry how the investors will react to their new product strategies. They know their customers and their products intimately and ultimately, they trust and follow their hearts.

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