Paytm cuts jobs amid restructuring exercise, disburses bonus
Paytm owner One97 Communications Limited restructures, laying off employees and providing outplacement assistance while witnessing growth in its UPI business
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NEW DELHI: One97 Communications Limited (OCL), which owns the Paytm brand, has begun to lay off an undisclosed number of employees amid a restructuring exercise, along with facilitating outplacement assistance to those affected.
The company said in a statement that it is also disbursing bonuses which were due to employees, “ensuring fairness and transparency in the process.”
“One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company,” it said.
“The company's human resource teams are actively collaborating with over 30 companies that are currently hiring, and providing assistance to employees who have opted to share their information, facilitating their immediate outplacement,” Paytm added.
The shares of Paytm were hovering around Rs 394 a piece, 3.49 per cent up.
Meanwhile, the payment and financial services company is witnessing early signs of recovery and strong stabilisation for its Unified Payments Interface (UPI) business, marking a strong turnaround for the firm.
The total value of UPI transactions processed on the Paytm platform grew to Rs 1.24 trillion in May, on the back of the company launching several initiatives for users such as Credit Card on UPI, as well as pushing the lever on UPI Lite.