Shares of Paytm parent One 97 Communications surged over 9 percent on July 8 after CEO Vijay Shekhar Sharma announced that his goal is to make Paytm a "$100 billion company".
The company faces a significant challenge in achieving the same as its market capitalisation has plummeted to approximately $3.5 billion following the central bank's crackdown on its arm Paytm Payments Bank.
Sharma talked about his goal while speaking at the 7th JIIF Foundation Day event held in Gurugram. In his address, he sounded optimistic about Paytm's growth and said that the company is poised for sharp growth despite the setback faced earlier this year.
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"I have a personal ambition to make Paytm a $100 billion Indian company," Sharma said, adding that he wants the brand to be recognised globally.
Earlier this year, the Reserve Bank of India slapped major business restrictions on Paytm Payments Bank Limited, and effectively ended a bunch of its core operations, due to non-compliance.
As a result, Paytm lost a significant portion of its market capitalisation since the firm's shares were hammered. Sharma acknowledged the recent crisis, describing it as a test of maturity and responsibility.
“We should have understood better and fulfilled our responsibilities more effectively," Sharma said. "We are now far better prepared to navigate challenges," he added.
At 2:34 pm, Paytm shares were trading 8 percent higher at Rs 472.40 on the National Stock Exchange (NSE). The stock has recovered over the past few weeks. In the last one month, the shares have risen by 21.4 percent.
Also Read | Aspire to create a $100 billion Indian company: Paytm founder Vijay Shekhar Sharma
Year-to-date (YTD), however, the stock is still down by 26.8 percent. Some analysts believe that it is likely the beginning of a fresh uptrend for Paytm.
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