Paytm has once again laid off employees. The company has laid off 10 per cent of its total employees. According to the Economic Times, Paytm’s parent company, ONE97, has laid off over 1,000 employees. These layoffs have happened in the last few months. According to the information, the company has taken this step to reduce costs and set up new business.
Apart from this, AI technology is also being considered a major reason for this. Giving information, the company spokesperson said that we are gradually implementing AI automation to increase work efficiency. Due to this, the company’s costs will be reduced. There will also be a reduction in employee expenses. He said that AI has given us more results than expected. The spokesperson said we will recruit over 15000 new employees next year due to Paytm Payments.
Let us tell you that Paytm is the largest startup company in India. This is the biggest layoff of any Indian startup so far. According to the information, this year, Indian startup companies have laid off 28 thousand more people. Earlier in 2022 and 2021, about 5 thousand employees were laid off. At the same time, startup companies ZestMoney and Byju are on the verge of closure.
Impact Of RBI’s Decision
According to economic experts, RBI issued new guidelines regarding unsecured loans some time ago; this has also affected Paytm. Due to this RBI step, Paytm closed Buy Now and Pay Business Later. It is believed that 10% of the employees have been reduce from this company segment. Apart from this, the company’s performance in the stock market has also been poor. There is a continuous decline in the company’s shares. The company’s share prices have continuously fallen for the last 6 months.
