Last month, Paytm said it would become free cash flow positive in the next 12-18 months. The buyback plans come as several technology stocks in India face pressure amid a rising interest rate environment and concerns over valuations. Shriram Subramanian, managing director of Bengaluru-based corporate governance advisory firm InGovern Research Services, said Paytm's investors should focus on its long-term fundamentals. "Investors should look at how the company is able to make money from their business, the path to profitability and when will they become profitable rather than focusing on the buyback," Subramanian said. Reporting by Nallur Sethuraman and Akansha Victor; Editing by Aditya Kalra and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

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