Financial technology company One97 Communications has laid off employees. One97 Communications owns Paytm. However, the number of employees laid off was not disclosed in the statement.
Paytm Layoffs: Financial technology company One97 Communications has laid off employees. One97 Communications owns Paytm. The company claimed in a statement that it is providing ‘outplacement’ (recruitment elsewhere) assistance to the employees for their smooth transfer. However, the number of employees laid off this time was not disclosed in the statement. Let us tell you that between January and March, there has been a decline of 3500 in the number of employees of the company.
The company said in a statement on Monday, “The company’s HR team is actively collaborating with more than 30 companies that are currently recruiting employees. They are providing assistance to employees who have opted to share their information, which is helping in their immediate recruitment at another place.”
3500 employees got jobs in January-March 2024!
In the January-March 2024 quarter, the number of employees (sales) of Paytm declined by about 3,500 on a quarterly basis to 36,521. The main reason for this was the ban imposed by the Reserve Bank of India on the services of Paytm Payments Bank. Keeping in mind the interest of customers including merchants, the Reserve Bank of India (RBI) had barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 15.
Fintech company One97 Communications’ loss widened to Rs 550 crore in the fourth quarter of FY 2023-24. The company has written off an investment of Rs 227 crore for a 39 percent stake in PPBL in the January-March quarter. Paytm founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma holds a 51 percent stake in PPBL.
