Softbank-backed Paytm hopes to break even before the end of 2023
Shares of India’s largest digital payments service provider remain roughly 70% below its IPO price Paytm, India’s largest digital payments service provider, aims to break even on an operating basis by September 2023, as it struggles to appease investors following a disappointing initial public offering in November 2021. The company, which is backed by Japan’s SoftBank Group and China’s Ant Capital, said on Wednesday that its monthly transacting users exceeded 70 million in the fourth quarter of its fiscal year that ended on March 31, 2022, and projected strong growth prospects. Paytm’s shares were up 5 per cent to 642 rupees ($8.5) at 11.24am UAE time, following the announcement. “We are encouraged by our business momentum, scale of monetisation and operating leverage,” said Vijay Sharma, founder and chief executive of Paytm. “We expect this to continue, and I believe we should be operating Ebitda [earnings before interest, taxes, depreciation and amortisation] break even i...