US-based mutual funds T Rowe Price and Vanguard have lowered their valuations of Paytm and Ola — the two unicorn startups from India as COVID-19 pandemic hurt business, The Times of India reported citing regulatory filings.
Moneycontrol could not independently verify the story.
Spokespersons for Ola, Vanguard and T Rowe Price declined to comment when contacted by The Times of India.
T Rowe Price cut the value of its shares in Paytm by 26 percent as of June 2020, the report said. Shares purchased for $254 each are now valued at $188 by funds managed T Rowe Price.
The fund had invested at least $150 million in Paytm in December 2019, the report added. Paytm had raised $1 billion in November 2019 in a funding round led by T Rowe price.
Paytm’s shares were marked up close to their original price in the September quarter, a source told the paper.
Ola’s shares are now valued at $162.5 by Vanguard, almost 50 percent lower than $311 in February 2020, the report said.
In May 2019, Ola was valued at over $6 billion in a financing round that saw participation Hyundai and Kia Motors.