Paytm denies reports of 25-50% layoffs in certain business segments as unfounded and misleading


Paytm denies reports of 25-50% layoffs in certain business segments as unfounded and misleading

One97 Communications, the company behind Paytm, has refuted reports claiming a significant reduction of between 25-50% in its workforce in certain business segments. According to a recent exchange filing, Paytm is currently in the midst of its annual appraisal process, a standard practice aimed at evaluating and improving team performance. This process, which involves performance reviews and role adjustments, is a common practice across industries and should not be seen as an indication of impending layoffs.

In addition, the company announced that Praveen Sharma, Senior Vice President – Business, has resigned from his position on March 23. Sharma, who had previously held leadership roles at Google in India and the APAC region before joining Paytm, decided to step down to pursue new opportunities in his professional journey.

Paytm went on to clarify that recent restructuring efforts and performance-related adjustments should not be misinterpreted as layoffs. The company emphasized its dedication to growth and operational efficiency while maintaining stability within its workforce.

A statement from a Paytm official quoted in the exchange filing dismisses claims of widespread layoffs, calling them unfounded and misleading. The company stressed its focus on sustainable growth, innovation, and providing excellent service to customers, urging stakeholders and the public to rely on verified information from official sources.

The company reiterated its commitment to leading the digital payments and financial services industry in India. Paytm remains dedicated to innovation, customer service, and team development despite the baseless speculation surrounding potential layoffs.

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