As per ET report, an Indian multinational financial technology company, Paytm will sack over 1000 employees amid cost-cutting measures.
The layoffs are currently impacting over 10 percent of the company’s entire workforce. The company reportedly wants to save 10-15% of staff costs over the current fiscal year.
“Our core business of payment may see manpower increase by 15,000 in the coming year,” the spokesperson said.
“We are transforming our operations with AI-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce within operations and marketing”, the spokesperson informed ET.
The reports also suggest that the majority of the layoffs are likely to impact employees from the lending business. Post this layoff Paytm has become one of the biggest layoffs in a new-age tech firm in the country.
Not only this there are various new economies or companies referred to as startups in India that have laid off over 28,000 employees in the first three quarters of 2023.
Recently, PhysicsWallah (PW) has sacked nearly 120 employees due to a performance review.
“Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth”, Satish Khengre, Chief Human Resources Officer at PhysicsWallah said.
As 2023 is at its end so far 2023, there have been 1,992 layoffs at tech companies with 428,335 people impacted (1,193 people per day).
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