Paytm's e-commerce unit Paytm Mall is shutting down its warehouses and has pivoted to a hyperlocal model. "In this business, one can only be profitable if one becomes a true marketplace and not follow an inventory-based model," Paytm Mall CFO Rudra Dalmia said. Paytm Mall recently raised $160 million, selling a 5.5% stake to eBay at a $3 billion valuation.