Chinese billionaire Jack Ma exits Paytm Mall!

Paytm Mall is one of the business innovations in expansion by Paytm e-Commerce organization. Chinese billionaire Jack Ma invested in the company through Alibaba and Ant Financials up to $200 Million and Softbank invested $400 Million. This increased valuation of the company to 1.9 Billion.

Now, Alibaba and Ant Financials have exited Paytm Mall selling off their shares to parent company Paytm e-Commerce for 42 crores and the parent company got back 42% of the shares held by both the companies. This will enable them to work with Open Network for Digital Commerce further.

But the valuation of the company reduced from 3 Billion in 2020 to just 100 crores after Jack Ma exit. Paytm has expressed that the company faced operational losses due to pandemic and growing competition in the digital market.

They want to focus on exports of goods rather than just deliver and retail sales. Company owed to recover from the losses and concentrate on growth in coming years.

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