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Billionaire CEO Seeks to Reset Fintech Pioneer After IPO Fiasco

  • Paytm founder promises $1 billion in revenue on path to profit
  • India’s payments leader expands in lending to pursue growth
Vijay Shekhar Sharma on July 22.
Vijay Shekhar Sharma on July 22.Photographer: Ruhani Kaur/Bloomberg
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Paytm was the poster boy for India’s tech startups, only to lose two-thirds of its value since its IPO and become a symbol of the industry’s crash. Now its founder promises a sharpened focus on financial performance to convince investors of the money-losing company’s prospects.

The digital-payments provider is set to become India’s first internet company to hit $1 billion in annual revenue by the end of this fiscal year in March, said Vijay Shekhar Sharma, 44. The brand, known formally as One97 Communications Ltd., is also shifting its attention from growth toward profitability, Sharma said in his first extensive interview following the high-profile public debut in November.