Paytm dismisses more than 1000 employees, attributing AI advantages as primary cause
Paytm’s parent company, One97 Communication, has laid off over 1000 employees from various departments in an effort to reduce costs. These layoffs have occurred over the past few months and were made possible by advancements in artificial intelligence (AI), which rendered certain positions unnecessary for the company. This comes just after reports suggested that Google may also be letting go of 30,000 employees due to AI’s impact on job roles.
According to a report by the Economic Times, which was the first to highlight the development, the change will reduce Paytm’s total workforce by 10 percent. The cost-cutting strategy was adopted after the company exited buy-now-pay-later (BNPL) and small-ticket lending mode amid RBI’s tightening of unsecured loan regulations.
