khaskhabar.com : Monday, December 25, 2023 1:23 PM
New Delhi. Fintech leader Paytm has laid off several hundred employees from its operations, sales and engineering teams.
A spokesperson for the company did not disclose the number of people affected, but said the company is “transforming its operations with AI-powered automation to increase efficiency, eliminating repetitive tasks and roles to increase efficiency in development and costs.” “This will result in a small reduction in our operations and marketing workforce.”
A Paytm spokesperson said, “We will be able to save 10-15 percent in employee costs because AI has delivered results that have exceeded our expectations. Additionally, we continuously evaluate non-performance cases throughout the year.”
In 2021, the fintech major laid off 500-700 employees.
Paytm spokesperson said, “Continuing our focus on existing businesses, insurance and wealth will be a logical extension of our platform. Having shown the strength of our delivery-based business model in loan disbursement, we are focused on driving new businesses.” “Expanding it to focus.”
Paytm is leveraging AI to revolutionize financial services like payments and wealth management, Vijay Shekhar Sharma, founder and CEO of Paytm, said in an interview with Bloomberg.
Paytm’s AI-driven strategy has helped it reduce the workforce while continuing to innovate for India.
Paytm spokesperson said, “As we lead the AI revolution in India, we are adopting AI-powered automation to eliminate repetitive tasks, leading to significant cost savings. “With the aim of driving growth and cost efficiency, we are reducing our workforce by 10 percent and will continue to drive innovation in payments and financial services in India.”
Paytm believes that its strong mobile-first foundation and early AI adoption will give it a competitive edge. The company aims to achieve EBITDA level profitability soon. It has generated free cash in the last two quarters, and Sharma expects this momentum to continue.
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