More than 1,000 employees of Paytm, India’s most popular money transaction platform, have reportedly been laid off. Paytm’s parent company One Ninety-seven Communications has started layoffs as part of its cost-cutting policy.
The company may lay off more workers. These workers were laid off due to lack of funds and business restructuring process.
It has been decided to retrench these workers as the retrenchment trend of 2023 continues. As a result, more than 10 percent of the employees of the company will be affected. On December 7, the company’s shares fell by almost 20 percent.
This is one of the biggest layoffs in India’s new-age technology sector. A lack of funding and economic restructuring have seen startup companies lay off thousands of workers this year. Not just Paytm, new tech startups have seen the largest number of job cuts across the country this year.
New companies have laid off about 28,000 people this year, according to data from Longhouse Consulting. 4080 workers were laid off in 2021 and 20 thousand in 2022.
Incidentally, Paytm is a type of online bank. Apart from the banking system, Paytm is becoming popular day by day to send money online. In addition, online shopping, mobile recharge, electric bill and other types of online payments can also be done.
