One97 Communications, the parent company of Paytm, has refuted reports alleging significant workforce reductions. The company clarified that it is currently conducting its annual appraisal process, which involves performance evaluations and role adjustments. This process is not indicative of layoffs and is a standard practice across industries.
Paytm also announced the resignation of Praveen Sharma, Senior Vice President - Business, effective March 23. Sharma is leaving to pursue other opportunities. Prior to joining Paytm, he held leadership positions at Google for nine years.
The company emphasized that its restructuring efforts and performance-related adjustments have been misconstrued as layoffs. Paytm remains committed to growth and operational efficiency while maintaining the stability of its workforce.
Paytm officials stated, "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." They urged stakeholders and the public to rely on official sources for accurate information and disregard speculative narratives.
Paytm remains dedicated to its mission of leading the digital payments and financial services industry in India. The company is committed to innovation, customer service, and team development, despite unfounded layoff speculations.