Paytm has laid off over 1,000 employees; the company claims impacted roles have been replaced by artificial intelligence-led automation.
Paytm's parent company One97 Communications has laid off over 1,000 employees across multiple units.
According to ET, the layoffs came at a time when the company aims to cut costs and realign its various businesses.
The report also mentions that cut in workforce across marketing and operations has took place as the company is transforming its operations with AI-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and cost which result in the cut of workforce.
The layoffs are likely to affect at least 10% of the overall headcount, and with Paytm's lending business to witness the bulk of job cuts after it expanded in a big way, last year.
The report also highlighted that the core business of payment may see manpower increase by 15,000 in the coming year. The company is transforming its operations with AI-powered automation, eliminating repetitive tasks and role to drive efficiency across growth and costs.