Paytm to sack over 500 mid and junior levels employees: Entrackr report
As per a report by Entrackr, Paytm is working on trimming its workforce and is planning to fire over 500 employees across mid and junior levels.
As per a report by Entrackr, Paytm is working on downsizing its workforce and is planning to fire over 500 employees across mid and junior levels.
The report claims, the Noida-based firm layoffs will mainly affect four verticals viz. KYC, O2O, retail and transportation teams.
Two sources told Entrackr on condition of secrecy that many state heads, including junior managers and team leads, were asked to resign rudely and Paytm is offering two-month severance packages to those who are terminated.
Sources have confirmed that job cuts are happening across the country with Maharashtra, Gujarat, Rajasthan, Madhya Pradesh and a few southern states bearing the brunt of the layoffs. The layoffs are being done as part of cost-cutting measures.
Meanwhile, a Paytm spokesperson said that joining and leaving an organisation is a part of the normal process. We have a well-structured system to assist our colleagues in their journey with Paytm. Performance is also evaluated from time to time, based on which certain decisions may be taken.
Some people who have been affected by the layoffs, reportedly said, "Our immediate bosses called up saying that something isn't right and within hours, the human resource department called up and asked us to resign."
Entrackr has viewed a letter where many employees who had recently joined the organisation have been asked to leave immediately. The employees were asked to submit their software access, passcodes and other assets to the firm.
This happened just days after Paytm raised $1 billion in a fresh round of fund-raising led by T Rowe Price Associates Inc, Discovery Capital and existing marque investors, SoftBank and Alibaba. The investment was made into One97 Communications Limited, the parent company that owns Paytm.