SFTBY - India's Paytm aims to break even by September 2023

Paytm (PAYTM), the popular payment app in India, expects to break even by the quarter ending September 2023, the company told its shareholders in a letter on Wednesday. "We should be operating EBITDA breakeven in next six quarters (i.e., EBITDA before ESOP cost)," Paytm Founder and CEO Vijay Shekhar Sharma wrote. In its March 2022 update, the company said Paytm (PAYTM) Super App average monthly transacting users for Q4 jumped 41% Y/Y to 70.9M. Gross merchandise value for the quarter surged 104% to INR 2.59 Lakh Cr ($34.5B). Sharma acknowledges the company's languishing stock performance, with shares falling more than 70% from its IPO price of INR 2,150 in November. "Rest assured, the entire Paytm team is committed to build a large, profitable company and to create long-term shareholder value," he wrote. "Aligned with this, my stock grants will be vested to me only when our market cap has crossed

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India's Paytm aims to break even by September 2023