Paytm clarifies Canada app closure; shares drop to all-time lows

"In order to focus all our resources on the massive India opportunity, and given the immateriality of the Canada app, we have decided to sunset the Canada B2C app only," Paytm had said.

Paytm clarifies Canada app closure; shares drop to all-time lows

One 97 Communications Ltd, Paytm's parent firm, clarified the shutdown of its Canada B2C (business-to-consumer) app on Wednesday saying, "Paytm Canada consumer app is not material to the overall business of the company, contributing less than 0.1 percent of the revenue (for the last fiscal year ended March 31, 2021."

The move "has no impact on Canada-based Paytm Labs (including its R & D — research and development — and technical support business) or the company's overall business and revenue." according to the release.