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 to shut Canada app after sinking on debut in India

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.