Jack Ma Exits Paytm Mall;


๐—ฃ๐—ฎ๐˜†๐˜๐—บ ๐— ๐—ฎ๐—น๐—น’๐˜€ ๐˜ƒ๐—ฎ๐—น๐˜‚๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ฑ๐—ฟ๐—ผ๐—ฝ๐˜€ ๐—ณ๐—ฟ๐—ผ๐—บ $๐Ÿฏ ๐—•๐—ป ๐˜๐—ผ $๐Ÿญ๐Ÿฏ ๐— ๐—ป ๐—ฎ๐˜€ ๐—”๐—ป๐˜ ๐—ฎ๐—ป๐—ฑ ๐—”๐—น๐—ถ๐—ฏ๐—ฎ๐—ฏ๐—ฎ ๐—ฒ๐˜…๐—ถ๐˜



 Paytm E-commerce bought back the entire stake of Alibaba (28.34%) and Antfin (Netherlands) Holding (14.98%), a total of 43.32%, for ₹42 crore, according to the company’s filings. 


This values the company at a mere ₹100 crore, plunging from $3 billion, the valuation the Vijay Shekhar Sharma-led company fetched in its last fundraising that was in 2020.


Paytm E-commerce has proposed reducing the company’s equity share capital and securities premium account and said it would hold an extraordinary general meeting on 23 May.


On 15 May, Paytm E-commerce announced that it would pivot to Open Network for Digital Commerce (ONDC) as its primary focus and explore opportunities in the exports business in place of traditional physical goods e-commerce. “As part of the shift in the business direction of the company, Paytm E-commerce also sees the exit of early investors Alibaba and Ant Group."


During FY2021, the company posted revenue of Rs419 crore and Rs504 crore in losses.


Source : Mint media, economic times. 

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