One of the most popular FinTech Companies, Paytm, has announced a layoff of over 1000 employees from the sales, operations, and engineering departments. This layoff has come as the company has introduced its advanced AI tech to manage repetitive tasks.
Paytm Layoffs 2023
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One of the company’s spokespersons has said that the company wants to improve efficiency. They have also deployed artificial intelligence into some repetitive tasks and roles, and it has done quite well and more than what they expected. The company was also evaluating the employees’ performance, which led to the layoff of 1000 employees. With this, the company can save 10-15% more.
Paytm’s Spokesperson further said they would focus more on expanding their wealth and Insurance business with the continued expansion of their existing business. This was not the first layoff by Paytm, as the company laid off 500-700 employees in 2021 based on non-performance.
As per some sources, the company’s lending business is going very well, but they have employed 30% more employees in this department. The company recently shut down its BNPL services and small ticketing loans. Thus, there was pressure to cut some costs.
The company also announced on 07 December 2023 its plans to slow down small ticketing postpaid loans and focus more on large ticketing personal and merchant loans. However, in its analytic meetings, the company has said that its small ticketing postpaid loan will be cut in half, but still, it will have a mere effect on their margins.
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