BUSINESS

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BUSINESS

Paytm fires over 1,000 employees

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Layoffs

Paytm has laid off over 1,000 employees as a result of AI automation. The company aims to save 10-15% in employee costs.

2

Lending team affected

The decision primarily affects the lending team. The company also recently shut down small-ticket loans and BNPL services.

3

Small-ticket loans cut

On December 6, Paytm announced plans to scale back small-ticket postpaid loans and focus on high-ticket personal and merchant loans.

4

One97 revenue growth

One97 Communications, Paytm's parent company, reported a 32% increase in consolidated revenue for Q2 FY24, reaching Rs. 2,519 crore.

5

Reduced quarterly losses

The company's losses for the quarter were Rs. 292 crore, significantly lower than the Rs. 571 crore loss in Q2 FY23.