🇮🇳 Roundup: Paytm expects operating EBITDA to break even by late 2023

Startups in India, including VerSe Innovation, Leap, Doceree, and TraceX, have raised at least US$820.2 million in disclosed funding today from international and local investors.

Here’s a snapshot of the fundraising:

Here’s some important tech news from India today:

Paytm expects operating EBITDA to break even by September 2023

The publicly listed fintech giant aims to break even at an operating EBITDA level in the next six quarters, Paytm founder Vijay Shekhar Sharma said in a letter to shareholders.

Sharma said the firm’s shares had slumped compared to its IPO price because of volatile market conditions.

The news boosted Paytm’s stock by about 5% to 639.7 rupees (US$8.49), which is still over 70% lower than its listing price of about US$28.53.

Govt serves notice to BharatPe

India’s Ministry of Corporate Affairs reportedly served fintech unicorn BharatPe a nine-page questionnaire about the company’s operations and co-founder Bhavik Koladiya’s stake in the firm.

The development follows reports of potential fraud at the company that led to co-founder Ashneer Grover stepping down as managing director.

BharatPe was given 15 days to respond to the notice, which was served early last week.

Flipkart enters healthcare with new app

With Flipkart Health+, the ecommerce giant aims to give users access to high-quality, affordable medicine and healthcare products from independent sellers.

The new app will leverage Flipkart’s reach and last-mile supply chain capabilities and online pharmacy SastaSundar’s healthcare network across India.