Paytm to close Canada app to focus all resources on India business
By siliconindia | Friday, 14 January 2022, 05:29:23 PM IST
Paytm on Friday has announced to shut its Canada Business-to-Consumer (B2C) app to focus all its resources on the India business. The development comes two months after a dismal debut on the exchanges.
"In order to focus all our resources on the massive India opportunity, and given the immateriality of the Canada B2C app, we have decided to sunset the Canada B2C app only with effect from March 14, 2022," Paytm said in a filing.
"As a part of our Canada operations, we launched a small experiment in the country with a B2C app. Over the last few years, we have built Paytm Labs, our team in Canada to drive innovation for our products and services across the world, whose primary business amongst others, is research and development analytics of customer data and provision of technical support. We are so proud of this team that continues to innovate and explore more exciting and new opportunities," Paytm said.
Paytm said the development has no impact on the Canada-based Paytm Labs or Paytm’s India business or revenue.
"We continue to stay committed to our mission of driving financial inclusion in India," it said.
On Friday, Paytm shares rose 8.17% to â¹1,116.05 apiece on NSE.
The company had recorded over 4-fold jump in loan disbursals during the October-December 2021 period with 44 lakh loans worth â¹2,180 crore disbursed from its platform as against 8.81 lakh loans worth â¹470 crore in the year-ago period.
The Centre’s idea is to be prepared with a strategy should the pandemic cause more-than-expected disruptions to economic activity.
One 97 Communications Ltd, Paytm’s parent company, raised $2.5 billion in its IPO, but a 27% plunge in its November 18, 2021 debut made it one of the worst initial showings by a major technology firm since the dot-com bubble era of the late 1990s. The share price almost halved from the IPO issue price initially before rebounding today.
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