The digital payment platform Paytm's e-commerce arm Paytm Mall is no longer in the unicorn category as the company’s valuation has come down to less than $1 billion, reported Business Insider, citing the latest Hurun List.
The online payment company's e-commerce subsidiary Paym Mall was valued at $3 billion in 2020, according to the report mentioned above.
The unicorn status is given to that company, whose valuation is more than $1 billion. Paytm Mall, which was founded in 2016, achieved unicorn status in 2018 after raising funds from SoftBank and others. It competes with Amazon, Flipkart and Snapdeal, a report published in India Herald said.
Earlier, Paytm-owner One97 Communications, a digital firm, which opened its initial public offering (IPO) for subscription on November 8, witnessed a retail subscription of 78 per cent on the first day. But subscription to its $2.5 billion initial share offering was comparatively on a sluggish phase on the second day.
Retail investors are individuals or NRIs who apply for up to Rs 2,00,000 in an IPO.
Out of the total, the fresh issue was worth Rs 8,300 crore and the offer for sale was Rs 10,000 crore. The IPO was considered to be the biggest in terms of size if was successful in its bid. However, on November 18, the shares of One97 Communications Ltd, Paytm's parent company, plummeted 27 per cent in their market debut, valuing the Ant Group-backed digital payments firm at around Rs 1.11 trillion at that time.
In the meantime, on December 13, Paytm reported over two-fold rise in its gross merchandise value to about Rs 1,66,600 crore in the first two months of the third quarter of this fiscal, driven by a sharp uptick in loan disbursals.
