For pioneering the cashless economy
After regulators decided to remove 86% of India’s cash from circulation in November 2016, Paytm became the country’s leading digital wallet. “It was a once-in-a-lifetime opportunity,” says founder Vijay Shekhar Sharma. But for Paytm and its parent company, One97 Communications, digital wallets are just the start. Last year, the company expanded into banking, insurance, and lending, and introduced Paytm Mall, an e-commerce app, in August. Paytm Wallet now has 90 million active users, and the new app Paytm for Business aims to add merchants to the 6 million already plugged in. Next up, appropriately enough: a new wealth management division.