Paytm Announces Job Cuts in India to Save Costs

The parent entity of the Indian fintech giant Paytm, One 97 Communications, has indicated a modest decrease in the number of its employees on Monday. The measure is seen as a strategy for reducing operating expenses, though the exact number of affected positions was not disclosed. Contrary to some reports in the media claiming that the firm might let go of over a thousand workers, a representative from the company refuted such figures.

The spokesperson, in a conversation with Reuters, explained that the advent of Artificial Intelligence (AI) within the company had exceeded their initial expectations, allowing them to cut down on staff-related expenses by 10-15%. This technological advancement has become a linchpin in their plan to streamline the company's processes.

In pursuit of its maiden net profit since it went public in November 2021, Paytm is restructuring its operations. The corporate documentation reveals that, during the fiscal year that concluded in March 2023, Paytm's workforce consisted of 32,798 employees on its direct payroll and 1,589 contractors throughout its numerous divisions globally.