Paytm's e-commerce company paytm Mall has suffered a major setback. According to Hurun's report, paytm Mall has lost its unicorn status. The report further said that the company was valued at $3 billion in 2020, which is now less than $1 billion.
The unicorn status is given to that company, whose valuation is more than 1 billion dollars. Since the valuation of paytm Mall has come down to less than $1 billion, the company has been left out of the unicorn category.
It became a unicorn in 2018 after raising funds from SoftBank and others. The company competes with Amazon, flipkart and Snapdeal.
How many company unicorns are in India:
India is in third place with 54 unicorns. With this, india has overtaken Britain. There are currently 39 unicorns in the UK. Banglore in karnataka has the most unicorns in India.
Second setback in one and a half months:
This is the second major setback for paytm in the last one and a half months. Earlier on november 18, there was a negative listing of Paytm's IPO in the stock market.
Because of this, investors have suffered huge losses. At the same time, the market capitalization of the company has also decreased.
