- Paytm’s parent company, One 97 Communications, has undertaken a strategic move to streamline its businesses and reduce costs, resulting in the termination of over 1,000 employees across various departments. These layoffs represent one of the most significant workforce reductions in an Indian tech firm this year.
- The job cuts, affecting more than 10% of Paytm’s total workforce, are part of its efforts to realign its businesses. Recent decisions such as the withdrawal of small-ticket consumer lending and cessation of the “buy now pay later” lending segment on the UPI platform have influenced these layoffs.
- The majority of the job cuts come from Paytm’s lending business, which had experienced significant growth in the past year. The company aims to reduce staff costs by 10-15% during the current financial year.