Industry sources said going forward VSS will make all his investments via these entities.
VSS has put in Rs 8.5 crore into VSS Investco and Rs 54 lakh into VSS Holdings. The only other director in the new investment companies is Vijay’s wife, Mridula Sharma.
According to regulatory filings, the entities say on their incorporation: “To carry on the business of an investment company and to invest in and acquire or hold securities, shares, or debentures in one or more companies, and to sell, purchase or otherwise deal in shares, stocks, bonds”.
VSS has invested in startups such as Milaap, Applied Life, Unacademy, and Innov8. He has also put in money in Binny Bansal’s Arkham Ventures.
The Paytm founder was ranked as India’s youngest billionaire with a net worth of $2.1 billion by Forbes magazine in 2017.
In 2000, he started One97 Communications, which offered mobile content such as news, cricket scores, ringtones, jokes, and exam results. Ten years later, he launched Paytm, which has gone from being a digital payment leader to a gaming, investment, ecommerce, education, and banking behemoth.
Vijay Shekhar Sharma landed himself in a controversy on social media recently by supporting the Indian government’s move to ban 59 apps of “Chinese origin”.
“Bold step in the national interest. A step towards Atmanirbhar App ecosystem. Time for the best Indian entrepreneurs to come forward and build the best by Indians, for Indians!” Sharma tweeted.
Netizens, however, and did not waste any time in reminding Sharma of the Chinese investment in Paytm.