Paytm, Ola Valuation Buckles Under Covid Impact; Will Other Unicorns Follow?
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India, Nov. 2 -- The Covid-19 pandemic has been a downhill spiral of valuations for many Indian companies. The trend has now impacted India's digital payments giant Paytm and cab-hailing services Ola with US-based mutual funds T Rowe Price and Vanguard reassessing their investments in these companies.
To start with, T Rowe Price has cut down the value of its shares in Vijay Shekhar Sharma-led Paytm by 26%, as of June 2020. The investment firm had led Paytm's $1 Bn round back in November 2019, along with the participation of Ant Group, SoftBank Vision Fund and Discovery Capital. This was the largest funding round raised by an Indian startup in 2019, and had valued the company at $16 Bn.
T Rowe Price is said to have invested at least $150...
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