Digital payments firm PayU lays off close to 150 employees

NEW DELHI: Online payments solutions provider PayU has laid off close to 150 employees, less than 6 per cent of its total workforce, as part of an "organisational realignment".

The layoffs came as PayU witnessed a successful year and its revenues grew 38 per cent to $183 million in the first half of the FY 2022-23.

"As we stay focused on our vision of creating a full-stack digital financial services ecosystem in India, it's important to ensure PayU has the right structure and resources in place and is nimble enough to respond to a fast-evolving fintech market and seize the opportunities it presents," a PayU spokesperson told IANS.

"Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India. As a result of which, regretfully, we will part ways with some of our colleagues," the spokesperson added.

PayU said it does not have any plans for any major downsizing and "any attritions would be a part of our usual course of business".

PayU is one of the leading payment gateways in India and has empowered more than 4.5 lakh businesses, including leading enterprises, e-commerce giants and SMBs.

It enables businesses to collect digital payments across more than 150 online payment methods.

According to the company, any job cuts within PayU "are always in accordance with the contractual terms and conditions".

PayU India aims to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (merchants, banks and consumers) through technology.

According to Manas Mishra, Chief Product Officer, PayU Payments, in 2022, it supported government initiatives through product innovations which helped merchants and issuers adapt to regulations.

"It's been an exciting year for us, as the country returned to normal and PayU recorded a 48 per cent increase in TPV to $28 billion in the first six months of FY23. We have a pipeline of exciting products for 2023 & we look forward to the coming year,a he had said in a statement last week.