“Last month, it was decided that it (burning cash) will no longer continue. As for Paytm, we have stated publicly that we are going beyond our ambitions – that is, far beyond our ambitions. boundaries of magnitude ahead – in terms of resetting our burning of cash” founder Vijay Shekhar Sharma said at Business Standard’s annual banking event.
In November, Paytm said it would become free cash flow positive over the next 12-18 months.
Paytm had a net cash, cash equivalents and investable balance of Rs 91.82 billion at the end of September, according to its latest quarterly earnings report.
CLSA also upgraded Paytm last month saying that the cash burn could end in four to six quarters.
officially known as
, Paytm listed last year following a $2.5 billion initial public offering (IPO). Since then, however, shares have plunged as investors worry about the sky-high valuations of tech companies amid fears of a global recession.
As of the most recent close, shares are down more than 75% from their IPO asking price of Rs 2,150.
