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Jack Ma, Warren Buffett Backed Paytm Looks To Breakeven Soon: Bloomberg

  • Paytm, backed by SoftBank Group Corp (OTC: SFTBY) (OTC: SFTBF) and Alibaba Group Holding Ltd's (NYSE: BABA) fintech affiliate Ant Group, looks to break even on an operating basis over the next year-and-a-half, Bloomberg reports.

  • The Indian digital payments pioneer doubled its gross merchandise value to $34.3 billion in the March quarter.

  • Paytm looks to become profitable in six quarters on operating earnings before interest, tax, depreciation, and amortization.

  • Also Read: Alibaba Is The Real Winner From India's Biggest IPO - Read How

  • The report noted that the brand listed as One 97 Communications Ltd, competing with the likes of Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google Pay, and Walmart Inc's (NYSE: WMT) PhonePe, averaged ~71 million transacting users in the quarter.

  • Paytm founder Vijay Shekhar Sharma has struggled to win back investor support since its initial public offering in November, the report added.

  • While the offering raised a record-setting $2.5 billion, shares plunged 27% on debut and have dropped more than 70% as investors doubted its longer-term growth prospects and potential regulatory tangles.

  • In March, the Reserve Bank of India banned Paytm's lending venture from accepting new customers, citing user data security concerns.

  • Paytm has yet to appoint an independent firm to audit its practices.

  • Price Action: BABA shares traded lower by 1.89% at $108.90 in the premarket on the last check Wednesday.

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