Siddharth Pandey, an Indian electronics engineer, will become a millionaire as a result of the country’s largest-ever public offering, but he says he had to overcome his father’s resistance when he joined a fintech firm Paytm nine years ago. According to Reuters, after Paytm‘s $2.5 billion IPO, around 350 current and former employees will each have a net worth of at least 10 million Indian rupees ($134,401.38). In a country where the per capita income is less than $2,000, these benefits are enormous.
Pandey, aged 39, is no longer with the company and is working at another, unnamed start-up. However, he claims that his seven-year tenure at Paytm has left him with tens of thousands of shares. He declined to elaborate, but the shares were priced at 2,150 rupees ($28.9) per share on Friday. Pandey stated that he is worth more than a million dollars.
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“My father was a real downer. ‘What is Paytime?!’ he exclaimed “Pandey told Reuters about his time with Paytm, which began in 2013. ‘Once in a while, work for a well-known corporation,’ my father advised.
My father is overjoyed right now. “He just told me to keep put,” said Pandey, who is from Uttar Pradesh, the country’s most populous and poorest state. Pandey joined Paytm when it was still primarily a small payments startup with less than 1,000 employees. Today, the company employs over 10,000 people and provides a variety of services, including banking, retail, movie and travel ticketing, and gaming.
Paytm has always been a generous payment processor. He is married with two children and claims that the windfall will enable him to work in startups where he is not focused. He claimed that some of the money will go into his retirement fund, but the majority will go toward his children’s education.
