look news india
Paytm Layoffs: Financial technology company One97 Communications has laid off employees. One97 Communications owns Paytm. The company claimed in a statement that it is providing 'outplacement' (recruitment elsewhere) assistance to employees for their smooth transfer. However, the statement did not disclose the number of employees laid off this time. Let us tell you that between January and March, the number of employees of the company has declined by 3500.
“The company's HR team is actively collaborating with over 30 companies that are currently hiring employees. They are providing support to employees who have opted to share their information, helping them find immediate placements elsewhere,” the company said in a statement on Monday.
3500 employees got jobs in January-March 2024!
In the January-March 2024 quarter, the number of employees (sales) of Paytm declined by about 3,500 on a quarterly basis to 36,521. The main reason for this was the ban imposed by the Reserve Bank of India on the services of Paytm Payments Bank. Keeping in mind the interests of customers including merchants, the Reserve Bank of India (RBI) had barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 15.
Fintech company One97 Communications' loss widened to Rs 550 crore in the fourth quarter of FY 2023-24. The company has written off an investment of Rs 227 crore for a 39 per cent stake in PPBL in the January-March quarter. Paytm founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma holds a 51 per cent stake in PPBL.