Paytm Fires Over 1,000 Employees: 'AI Delivered More Than We Expected It To'

In a significant move to optimise operations and reduce staff costs by 15 per cent, One 97 Communications, the parent company of Paytm, has fired hundreds of employees. More than 1,000 employees across various departments at Paytm have been laid of. This initiative, executed over the past few months, has impacted divisions such as payments, lending, operations, and sales, affecting approximately 10 percent of Paytm's overall workforce. The decision, rooted in performance-related concerns, reveals the company's goal to improve profitability.