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Paytm Mall’s Sales Fall 90% In Some Categories After Company Pulls Back On Cashbacks
Indian startups are discovering that the country’s consumers are a fickle lot. Sales at Paytm Mall have reportedly slumped after the company has pulled back on the cashbacks it used to provide to its customers. “Sales have dropped by more than 90% in grocery, people are clearly not buying any more. The cashback offer was up to a maximum 35%, but Paytm Mall stopped giving cashback from December 2 as it wanted to be margin-neutral,” one...