22 March 2024 – According to Private Circle, a smaller group of Paytm employees that left the finance giant to build 22 businesses has a cumulative valuation of Rs 10,668 crore, compared to the 44 Flipkart ‘mafia’ startups.
Former Paytm executives turned entrepreneurs create this ‘mafia.’ It includes Pocket FM, co-founded by Rohan Nayak, former Paytm product manager; Park+, founded by Amit Lakhotia, former Paytm wallet business head; and India Gold, founded by former Paytm SVP of product Deepak Abbot and Paytm Postpaid business head Nitin Misra.
Junio is a digital pocket money platform for students; Cleardekho is an eyewear brand; Genwise Club is an online club for seniors; Yoho is a footwear brand; Daalchini is a vending machine startup; and Kratikal Tech is a cybersecurity company.
This key moment launched the Paytm Mafia onto the startup scene, establishing the groundwork for its growth and impact. Fintech accounts for 24% of these firms, followed by e-commerce, media and entertainment, and SaaS.
Conclusion
Top enterprises, including Pocket FM, Park+, Unnati, and Indiagold, have created 2,500 jobs. Private Circle estimated the Flipkart mafia at $24.6 billion, including PhonePe, Groww, Udaan, Spinny, cultfit, Slice, Navi, Curefoods, Credgenics, and OkCredit. Most of these firms were created after Flipkart’s takeover by Walmart in 2019, which announced $500 million in ESOP buybacks.
