Paytm may cut up to 20% of workforce

Paytm parent One97 Communications, which is looking to reduce employee costs, may have to cut around 15-20% of its workforce this fiscal.

In FY23, the company had an average of 32,798 on-roll employees. Of these, 29,503 were active on-roll. Its average cost per employee was Rs 7.87 lakh. In FY24, the total cost has gone up by 34% year-on-year (y-o-y) to Rs 3,124 crore, and the average employee cost is estimated to have risen to Rs 10.6 lakh.