‘Unfounded, misleading’: Paytm refutes reports of 25-50% layoffs in some business segments

One97 Communications, which runs Paytm, has panned reports suggesting a 25-50 percent workforce reduction in specific business segments. According to an exchange filing, Paytm is currently engaged in its annual appraisal process, a routine organizational practice aimed at assessing and enhancing team performance. This process, focused on performance evaluations and role alignments, is standard across industries and is not indicative of layoffs.

The firm also said that Praveen Sharma, Senior Vice President – Business, has resigned from his position on March 23. The release says, Sharma is stepping down to pursue opportunities in the next phase of his professional journey. Before joining Paytm, Sharma spent nine years in leadership roles at Google, covering India and the APAC region.

The company clarified that its restructuring efforts and performance-related adjustments are misconstrued as layoffs. The filing says that Paytm reassures its commitment to growth and operational efficiency without compromising its workforce’s stability.

The exchange filing quotes a Paytm official statement asserting, “The claims of layoffs affecting 50% of our workforce are unfounded and misleading. We are focused on sustainable growth, innovation, and providing exceptional service to our customers. We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives.”

The company further says that Paytm remains dedicated to its mission of leading the digital payments and financial services landscape in India, reinforcing its commitment to innovation, customer service, and team development amidst unfounded layoff speculations.”