PAYTM LAYOFFS
Worst of layoffs likely over, startups hand out fewer pink slips in H1
Startups cut about 11,250 jobs during the January-June period this year, compared with 21,000 in the first half of 2023 and 15,000 in the second, according to data from executive search firm Longhouse Consulting.
Paytm's government nod; FM on angel tax
Paytm has secured government approval for a $5.97-million investment in a key subsidiary. This and more in today’s ETtech Top 5.
Labour ministry settles Paytm employee’s layoff grievance
In a statement issued on Wednesday, it said that its regional labour commissioner, Bengaluru resolved the grievance to the satisfaction of both parties with Paytm agreeing not to recover the joining bonus and to pay the notice period payment to the employee and the employee accepting the exit offer made by Paytm.
Paytm parent gets labour ministry notice for alleged forced layoffs
The labour commissioner of Bengaluru has summoned the company representatives and complainants to present their cases.
Vijay Shekhar Sharma breaks silence on why senior-level employees are leaving Paytm; here's what he said
One97 Communications, the parent company of Paytm, underwent layoffs in June without specifying the number affected, offering outplacement support for transitioning employees. Despite questions about senior-level departures, founder Vijay Shekhar Sharma assured that all is well. Paytm's sales team decreased by 3,500 to 36,521 personnel due to regulatory impacts from the RBI's restrictions on Paytm Payments Bank.
Zerodha to end zero-brokerage model; Unacademy lays off 250 employees
Online stock broker Zerodha will likely discontinue its zero-brokerage structure due to new Sebi rules. More on this in today’s ETtech Top 5.
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Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Paytm employees cry foul after being asked to quit
Paytm layoffs: Following the RBI's decision to terminate Paytm Payments Bank and the wallet business, numerous employees are being asked to "voluntarily resign" without prior notice. Many have reported being denied severance pay and instructed to repay joining and retention bonuses. Despite the lack of formal communication outlining the restructuring process, some employees allege that termination clauses were not included in their offer letters.
Ixigo IPO fully subscribed; more layoffs at Paytm
The initial public offering of subscription travel firm Ixigo sailed through on the first day on robust retail interest. Details on this and more in today's ETtech Top 5.
Paytm lays off employees as part of restructuring, facilitates outplacement support
Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
Paytm Q4 losses tripled; Oyo IPO withdrawn
Troubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
Paytm expects near-term impact on revenue, profitability due to regulatory action: Vijay Shekhar Sharma
Paytm’s parent, One 97 Communications Ltd, is taking steps to “strengthen the governance framework across our group entities (especially regulated entities)” by appointing subject matter experts as advisors of independent directors, says founder Sharma in letter to shareholders. Going forward in the ongoing fiscal, Paytm also anticipates reduction in employee costs.
PhonePe’s Rs 800 crore in-house bets; layoffs at Allen
Fintech giant PhonePe has put big money into its subsidiaries to grow businesses such as insurance broking, wealth management and hyperlocal ecommerce. This and more in today’s ETtech Morning Dispatch.
Paytm refutes layoff reports as SVP Praveen Sharma steps down
One97 Communications Ltd (OCL) announces Praveen Sharma's resignation as Senior VP at Paytm. Sharma steps down for new opportunities after Google. Paytm emphasizes sustainable growth, innovation, and commitment to customer service and team development.
Paytm Payments Bank to cut about 20% of staff as business halt looms
Paytm, formally known as One 97 Communications, owns a 49% stake in the bank which was ordered by the Reserve Bank of India (RBI) at the end of January to stop accepting credit transactions or deposits across products such as savings accounts, prepaid cards and digital wallets by March 15, following persistent compliance breaches.
Laid off CXOs are much in demand as companies look to hire execs with proven track record
Often roles become redundant as an outcome of consolidation, mergers, restructuring of businesses, regulatory hurdles or funding delays, and top executives who lost jobs due to industry dynamics and uncertainties form a critical talent pool for other companies across sectors, said the officials.
Paytm shares rebound; Tata builds India’s first spy satellite
Troubled fintech major Paytm has seen a rebound in its stock, which jumped over 10% in the last two trading sessions. This and more in today’s ETtech Top 5.
Board exits at Paytm bank; Mamaearth’s Q3 profit up 265%
Shinjini Kumar, a former Bank of America and PricewaterhouseCoopers (PwC) executive, resigned from the payments bank’s board in December, we have learnt. Manju Agarwal, former deputy managing director at State Bank of India, has also quit.
Layoffs at big internet firms keep staffers at startups on the edge
The new year has begun on a sombre note for people working in large and well-capitalised startups as companies like Swiggy, Flipkart, and Paytm are laying off a sizable chunk of their teams.
RBI bars Paytm’s services; Wipro to cut hundreds of jobs
In a big blow for the Vijay Shekhar Sharma founded fintech, the Reserve Bank of India has barred Paytm Payments Bank from offering all banking services after February 29. This and more in today’s ETtech Top 5.
Startups talk up funding winter, but loosen their purse strings
During the ongoing funding winter, several internet majors such as Paytm, Policybazaar parent PB Fintech, Flipkart failedd to control expenses in FY23. Horizontal omnichannel retailers such as Nykaa, Mamaearth parent Honasa Consumer and FirstCry also saw both employee expenses and marketing costs rise anywhere between 23% to 55% during FY23.
Layoffs in 2024: List of companies that announced job cuts so far this year
According to data from Layoffs.fyi, a layoff-tracking website, a total of 2,62,595 employees were laid off last year by 1,187 tech companies. So far in January, 91 tech companies have already fired 24,564 employees.
InMobi adopts AI-first approach, layoffs likely
InMobi said, without commenting on the impending job losses, that AI has been sweeping the world and that the market needs and the expectations that the company’s customers – brands, agencies and developers - have from the company are changing rapidly.
Flipkart may trim rolls by up to 7% in yearly refocus
Spotlight on Cleartrip, grocery and Shopsy; $1-billion funding in progress at company.
Amidst workforce layoffs, Paytm CEO Vijay Shekhar Sharma shares to-do list for 2024; unveils major AI updates
Paytm CEO Vijay Shekhar Sharma reveals a comprehensive 2024 plan, prioritising major Artificial Intelligence (AI) upgrades following significant layoffs.
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