Fintech leader Paytm has laid off: several hundred employees from its operations, sales and engineering team, according to reports.
A company spokesperson did not divulge the number of people affected, but said the company is “transforming our operations with Al-powered automation to drive efficiency, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce in operations and marketing”.
“We will be able to save 10- 15 per cent in employee costs as Al has delivered more than we expected it to. Additionally, we constantly evaluate cases of non-performance throughout the year,” a Paytm spokesperson informed. In 2021 the fin- tech major had laid off 500-700 employees based on non-performance. Paytm is leveraging Al to revolutionise payments and financial services like wealth management, Paytm Founder and CEO Vijay Shekhar Sharma said in an interview with the media, according to the media reports. Paytm’s Al-driven strategy has helped it reduce workforce while continuing to innovate for India. Paytm believes that its strong mobile-first foundation and early Al adoption will give it a competitive edge. The company aims to hit EBITDA- level profitability sooner. It has generated free cash for the past two quarters and Sharma expects that trajectory to continue.