550 crore loss! Paytm to lay off 6,300 people?

Chennai : There are reports that Paytm is going to lay off the employees due to the losses incurred by them.

It can be said that Paytm, a popular digital transaction company, has seen a continuous decline this year. Specifically, Paytm (Paytm) The company’s parent company “One97 Communications” (One97 Communications) It saw a 2.60 percent decline in revenue since March last year.

Due to such a huge decline, the net loss increased to Rs 550 crore, while the revenue fell to Rs 2,270 crore. Hence, to streamline operations and cut costs, BDM took the decision to lay off employees. Accordingly, the past More than 1,000 employees were to be laid off in December.

Following this, it is said that “One97 Communications” has decided to lay off 5,000 to 6,300 employees as the next step. Hence, the company is saving Rs 400-500 crore by cutting staff.

The company is said to be cutting staff to cut costs as staff costs have increased due to investments, leading technology, merchant sales and financial services, which will take a big hit in the coming years.

Commenting on the decline, Paytm Chairman and Managing Director (MD) Vijay Shekhar Sharma said, “Due to the disruptions we faced in the fourth quarter, we have seen almost a decline in our revenue and profit. This includes fixed damage caused by suspending the Paytm wallet.

Through this we learned a lot of lessons to be better and more resilient. Many other products will also be reinvented. I am happy to say that the work for that is also underway,” said Vijay Shekhar Sharma.

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