Paytm Mall was launched in 2016 as a hyperlocal offline-to-online (O2O) business.- The company competed with Amazon, Flipkart and Snapdeal.
Paytm too lost nearly $9 billion in valuation after its public listing.
Eight other companies, mostly from China, also lost their unicorn status this year. A unicorn, in startup parlance, is a company valued above $1 billion.
Business Insider has reached out to Paytm seeking comments on the dip in valuation.
Paytm Mall was launched in 2016 as a hyperlocal offline-to-online (O2O) business and it turned into a unicorn in 2018 after raising nearly half a billion from SoftBank and others. The company was valued at $2.86 billion in 2019, when it raised funding from eBay.
The company competes with Amazon, Flipkart and Snapdeal, which filed its preliminary papers for an initial public offering (IPO) earlier this week.
Even One 97 Communications — the parent company of Paytm — witnessed an errorion of nearly $10 billion dollars from its valuation on the second day of its listing on the stock market. The company was valued at $19.9 billion in its public issue, but its valuation went down to $10 billion when its share prices touched ₹1,200 apiece.
The company currently sits at a market cap of ₹88,174 ($11.69 billion) and its shares are trading at ₹1,355 apiece.
SEE ALSO
$4
$4
$4