Paytm Hiring Surge: India's digital payment app, Paytm, is all set to hire approximately 4,000 people in the next nine months, as part of a strategy to expand its merchant network and artificial intelligence-driven product offerings, according to a report by Bloomberg.
Paytm to hire more staff, but 400 employees may be laid off in restructuring
The planned increase would expand the company's workforce by about 10%, taking its headcount beyond the current 40,000 employees. However, the company is also planning to trim select roles as part of an ongoing restructuring exercise after the current performance appraisal cycle, a company spokesperson said.
The trim in the select roles will result in a 1 per cent layoff of the company's staff. The 1 per cent layoff of its staff will round off to around 400 people. The cuts follow more substantial reductions in the previous year.
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Paytm expands hiring plans under Vijay Shekhar Sharma
The digital payments company has been reshaping its business model since Indian regulators took action against its banking arm two years ago. CEO Vijay Shekhar Sharma is now focused on encouraging the platform's hundreds of millions of registered users to adopt a wider range of services, including loans, investment products, and other financial offerings.
The hiring push, including for senior leadership roles, will continue through March 2027. Paytm, based in the outskirts of New Delhi, will recruit across teams including product, technology and AI, according to a report by Bloomberg.
Paytm adds 800 employees, plans to hire 4,000 more after return to profitability
"Over the last two months, we have added more than 800 people and are in the process of recruiting a further 4,000," the company said in a statement.
Paytm has returned to profitability, reporting profits for four consecutive quarters after recovering from regulatory challenges that severely impacted its banking affiliate. In response to the restrictions, the company reduced its workforce by more than 4,500 employees. The situation culminated in April when the Reserve Bank of India revoked the operating licence of Paytm Payments Bank, effectively leading to the closure of the affiliate.
The banking affiliate has laid off most of its staff over the past two years, with some getting absorbed elsewhere in the fintech group. The bank will let go of its few hundred remaining staff as it shuts down.
Founded by Sharma in 2010, Paytm began by offering prepaid mobile recharges but soon pivoted into digital payments and banking. A currency note ban in late 2016 helped the company dominate India's fintech arena.
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