• Sat. Apr 20th, 2024

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

BySamantha Johnson

Mar 24, 2024
Paytm denies reports of 25-50% layoffs in certain business segments as unfounded and misleading

One97 Communications, the company behind Paytm, has dismissed reports suggesting a significant reduction in its workforce by 25-50 percent in specific business areas. In a recent exchange filing, Paytm clarified that it is currently conducting its annual appraisal process, a regular practice aimed at evaluating and improving team performance. This process involves performance assessments and role alignments and is a standard procedure seen across various industries, not an indication of imminent layoffs.

The company also announced the resignation of Praveen Sharma, Senior Vice President – Business, on March 23. The statement mentioned that Sharma is leaving his position to explore new opportunities in the next phase of his career. Prior to his role at Paytm, Sharma had a nine-year tenure in leadership positions at Google, where he oversaw operations in India and the APAC region.

Paytm emphasized that any restructuring initiatives and performance-related adjustments are being misrepresented as layoffs. The filing assured stakeholders of Paytm’s dedication to growth and operational efficiency while maintaining workforce stability.

Responding to rumors, a Paytm official stated, “The reports of mass layoffs impacting 50% of our staff are inaccurate and deceptive. Our focus remains on sustainable growth, innovation, and delivering exceptional service to our customers. We encourage stakeholders and the public to rely on factual information from official sources and disregard speculative rumors.”

The company reiterated its commitment to dominating the digital payments and financial services sector in India, emphasizing innovation, customer service, and team development in light of unfounded layoff rumors.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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