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Young firms - dozens of which had hit unicorn status as capital flowed to everything from online retail to digital learning in the country of 1.4 billion - suddenly saw their fundraising plans grind to a halt. Paytm’s stock-price collapse exacerbated a crisis for India’s startups, sending valuations plummeting as investors began to grow cautious about their earnings potential. “For me, the public listing was a sort of graduation, and taking Paytm to break-even and to profits gives me a clarity of purpose.” “We’re earnestly chasing the $1 billion goal,” he said during an hours-long conversation last week at Paytm’s new chrome-and-glass headquarters in Noida, outside New Delhi, in a vast green expanse filled with wandering cattle. 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. 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.
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Now its founder promises a sharpened focus on financial performance to convince investors of the money-losing company’s prospects.
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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.