Restructuring exercise: There will be no new layoffs, says Paytm

BENGALURU: As part of a restructuring initiative, many employees of One97 Communications, the parent company of Paytm, might lose jobs.

Though the company announced the restructuring exercise long back, it clarified on Monday that reports of new layoffs at Paytm are speculative and misleading. The company did not announce the number of employees that are being fired.

“No new developments have occurred. As outlined in our FY24 earnings, we continue to optimise our cost structure and enhance AI capabilities, focusing on core business. We handle all employee transitions with fairness, including providing full notice periods, due bonuses, and outplacement support, collaborating with over 30 organisations,” it said in a statement.