Paytm shares surge as CEO targets $100 Billion valuation

8 Jul 2024 , 04:46 PM

Shares of One 97 Communications, the parent company of Paytm, surged more than 9% on July 8 following CEO Vijay Shekhar Sharma’s ambitious goal to make Paytm a “$100 billion company”.

At the time of writing on July 8, 2024, shares of Paytm closed 8.34% higher at ₹472.40 on the National Stock Exchange (NSE), showing recovery in recent weeks. In the last one year, the stock has witnessed a dip of 42% and a 26% dip since the beginning of the year.

The company currently faces challenges as its market capitalization has dropped to approximately $3.5 billion after regulatory actions against Paytm Payments Bank.

Sharma expressed his goal during the 7th JIIF Foundation Day event in Gurugram, emphasizing optimism despite earlier setbacks this year.

“I have a personal ambition to elevate Paytm into a $100 billion Indian company,” Sharma stated, highlighting his global aspirations for the brand.

Earlier this year, regulatory measures from the Reserve Bank of India imposed significant business restrictions on Paytm Payments Bank, impacting market capitalization.

Sharma acknowledged the recent challenges as tests of maturity and responsibility, emphasizing enhanced preparedness to navigate future obstacles.