Brief by Shorts91 Newsdesk / 08:05am on 25 Dec 2023,Monday Business
Paytm's parent company, One97 Communications, has reportedly laid off 1,000 employees, impacting around 10% of its workforce. While disputing the exact number, Paytm confirmed the job cuts, emphasizing a cost-cutting initiative during a business realignment. The layoffs, spanning the past few months, notably affect Paytm's lending business, which saw significant expansion recently. The company aims to save 10-15% of staff costs this fiscal year, with AI-led automation replacing many roles. Paytm is shifting focus to new products in wealth management and building an insurance distribution marketplace while streamlining other teams.
