Paytm parent company One97 Communications denied reports that claimed the company is planning to lay off 25 to 50 per cent of its workforce, according to an exchange filing.
Terming the allegations "baseless", the company said the reports "inaccurately represent the company's operational and strategic planning."
The fintech major said the company's annual appraisal process is underway and this is a routine organisational practice focused on performance evaluations and role alignments. Paytm clarified that the process, which is standard across industries, is not indicative of layoffs, reported ANI.
“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,” Paytm stated.
“Paytm remains dedicated to its mission of leading the digital payments and financial services landscape in India, reinforcing its commitment to innovation, customer service, and team development amidst unfounded layoff speculations,” it added.
In a separate development, One97 Communications announced in the exchange filing that Praveen Sharma, Senior Vice President (Business) has resigned on March 23 as he pursues opportunities in the next phase of his professional journey.
-- with inputs from ANI
