Paytm on Friday has revealed to shut its Canada Business-to-Consumer (B2C) app to focus all its resources on the Indian business. The development comes two months after a dismal debut on the exchanges. The shares of the E-commerce company rose to 8.17% (+84.25) at Rs1,116.05 apiece today at 3.30 pm IST in Friday trade.
“In order to focus all our resources on the massive India opportunity, and given the immateriality of the Canada app, we have decided to sunset the Canada B2C app only,” the company said in a statement.
The corporation had registered over 44 lakh loans worth Rs 2,180 crore expended from its forum as against 8.81 lakh loans worth Rs 470 crore in the year-ago period and a 4-fold jump in loan disbursals during the October-December 2021 period.
“As part of our operations in Canada, we launched a small experiment in the country with a B2C application. Over the past few years, we have built Paytm Labs, our team in Canada to drive innovation for our products and services around the world, whose core business, among other things, is research and development, analytics customer data and the provision of technical support. We are very proud of this team as they continue to innovate and explore new and exciting opportunities,” Paytm said.
One97 Communications parent company Paytm is an Indian e-commerce and fintech company, headquartered in Noida, India. It was founded in 2000 by Vijay Shekhar Sharma. As of June 2021, One97 Communications is valued at $16 billion, making it one of the most valuable unicorn companies in India