One 97 Communications, the parent company of Paytm, has laid off over 1,000 employees in multiple units. This move comes as the company looks to cut costs and realign its businesses. The layoffs, which affect at least 10% of the overall headcount, are the steepest implemented by an Indian new-age tech company in 2023. Most of the job losses are in Paytm’s lending business, which has expanded significantly over the past year. Paytm aims to save 10-15% of staff costs this fiscal year through artificial intelligence-led automation.
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Paytm cuts jobs across units, termed ‘biggest startups layoffs on 2023’
One 97 Communications, the parent company of Paytm, has laid off over 1,000 employees in multiple units. This move comes as the company looks to cut costs and realign its businesses. The layoffs, which affect at least 10% of the overall headcount, are the steepest implemented by an Indian new-age tech company in 2023. Most of the job losses are in Paytm’s lending business, which has expanded significantly over the past year. Paytm aims to save 10-15% of staff costs this fiscal year through artificial intelligence-led automation.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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