Paytm to shut Canada app after sinking on debut in India
Paytm's stock has lost over 50% of its value since its IPO, degrading nearly INR 70,000 crore as traders remained wary despite brokerage firm downgrades.
Paytm announced yesterday that it will shut down its Business-to-Consumer (B2C) app in Canada to focus all of its resources on the Indian business. The development comes two months after a dismal debut on the exchanges.
Paytm introduced the Canada app in 2017, a consumer-facing mobile app that allows Canadians to pay their bills using a variety of payment methods. In the summer of 2019, it also launched an office in Montreal. However, it was unclear whether the Canadian research and development section would continue.