Paytm will become profitable before September quarter, says founder Vijay Shekar Sharma

Davos Diary 2023: Paytm founder and CEO said that the Unified Payment’s Interface (UPI) system will be further upgraded

Davos Diary 2023: Paytm founder and CEO, Vijay Shekhar Sharma said that the company will beat the guideline mentioned before the September 2023 quarter

Davos Diary 2023: In an exclusive interview with Zee Business, Paytm founder and CEO, Vijay Shekhar Sharma said that the company will beat the guideline mentioned before the September 2023 quarter.

He opined that Paytm’s profitability will be driven by credit disbursement growth in the country. “September of 2023 as a quarter will be profitable. In fact, this will happen way prior to the timeline that I'm mentioning. We are very proud to say this is happening by not sacrificing any investment that we are making, or any growth that we could have captured. We are making all investments and we are seeing growth,” said Sharma.

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He also said that the Unified Payment’s Interface (UPI) system will be further upgraded and there are talks that it will be used in the stock market where investors can pay directly and not through brokers.

“Our system is mature now and there are plans where investors can directly make payment in the stock market rather than keeping it with the broker. These kinds of systems will take UPI to the next level,” the Paytm founder and CEO said.

Talking about the buyback, he stated that Paytm opted for open market buyback, where company buys back shares by actively buying from sellers on the exchange, and not tender buyback (an offer by a company to buy-back its own shares or other specified securities through a letter of offer from the holders of the shares or other specified securities of the company), as the company wanted its long-term investors to benefit from it.

“We want to build a long term successful company,” he further added.

Paytm Buyback

Indian digital payment’s app Paytm has announced a share buyback scheme worth Rs 850 crore at Rs 810 apiece.

The company is buying back shares at 50 per cent premium to current price and 62 percent discount to issue price.

The company expects the process to be completed within a maximum period of six months. Paytm has a cash flow of Rs 9100 crores.

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