Paytm Dismisses Reports of Mass Layoffs After Praveen Sharma's Exit

Paytm refuted reports suggesting a 25-50 percent reduction in its workforce in specific business segments, ANI reported. The company labelled such reports as "baseless" and inaccurately representing its operational and strategic planning.

Paytm clarified in its filing that it is currently engaged in its annual appraisal process, a routine organisational practice aimed at evaluating and enhancing team performance. The company stressed that this process, which focuses on performance evaluations and role alignments, is standard across industries and does not indicate layoffs.

The company asserted that its restructuring efforts and performance-related adjustments have been misconstrued as layoffs. Paytm reassured its commitment to growth and operational efficiency without compromising workforce stability.

"The 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. We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives," a spokesperson for Paytm said.

Paytm also stated its dedication to "leading the digital payments and financial services landscape in India, reinforcing its commitment to innovation, customer service, and team development amidst unfounded layoff speculations.