Jack Ma, Warren Buffett Backed Paytm Looks To Breakeven Soon: Bloomberg - Alibaba Gr Holding (NYSE:BABA)

Paytm, backed by SoftBank Group Corp SFTBY SFTBF and Alibaba Group Holding Ltd's 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.
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The report noted that the brand listed as One 97 Communications Ltd, competing with the likes of Alphabet Inc GOOG GOOGL Google Pay, and Walmart Inc's 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.