Paytm has been facing losses for the past few months especially since February 2024 as RBI took action against its banking wing, Paytm Payment Bank for violating norms and non-compliance with regulatory policies. Amidst these losses, reports have revealed that the company might fire about 6000 employees.
According to reports, it is said that the company has decided to let go of around 15-20 percent of the workforce for this fiscal. The company is facing losses for a long time and it is said that the company is trying to focus on an employee cost-saving plan that is around Rs.400 to Rs.500 crore. And to focus on this plan, the company might fire 5000-6300 employees
Last year also the company has removed 1000 employees in order to save employee costs and focus on AI-powered automation. This year also the layoff is said to take place to save employee costs, the only difference is that this time the number of employees facing unemployment will be huge due to its decision.
Recently Paytm reported a net loss of Rs.550 crore in the January-March quarter while it was just Rs.168 crore in the same period last year. After RBI imposed restrictions on Paytm Payments Bank, the company’s revenue from operations fell by 3 percent YoY to Rs.2,267 crore in the March quarter.
