US funds lower valuation of Indian unicorns Paytm, Ola due to Covid: Report

The funds, T Rowe Price and Vanguard, hold about 1% in both companies; while Paytm's valuation has taken a 26% hit, Ola's has suffered a 50% drop

US-based mutual funds T Rowe Price and Vanguard have lowered their valuations of Indian unicorn companies Paytm and Ola, due to the disruption created by the Covid-19 pandemic in the first half of the year, according to a report by Times of India, which cited regulatory filings.

These mutual funds hold about one per cent stake in both the companies.

Paytm was valued at around $16 billion when it raised funding last year. T Rowe Price had invested about $150 million in digital payments firm Paytm in December 2019. According to the report, T Rowe Price has reduced the value of its