Paytm founder and CEO Vijay Shekhar Sharma.
Credit: Reuters Photo
Paytm has refuted reports suggesting a significant reduction in workforce, from 25 per cent to 50 per cent, within specific business segments, fueled amid the news of its Vice President's resignation, reports news agency ANI.
One97 Communications Ltd (OCL), the parent company of Paytm, made an official announcement through an exchange filing on Saturday, confirming the resignation of Praveen Sharma, the Senior Vice President - Business.
Sharma formally stepped down from his position on March 23, citing a desire to explore new opportunities in his professional journey. Prior to his tenure at Paytm, Sharma amassed nine years of experience in various leadership roles at Google, where he oversaw operations in India and the APAC region.
A Paytm official statement quoted in the exchange filing also dismissed claims of workforce reductions as "unfounded and misleading," asserting the company's commitment to sustainable growth, innovation, and exceptional customer service, ANI report says.
Paytm is currently conducting its yearly performance review, a typical practice in companies to assess and improve team performance, without indicating any upcoming job cuts, the report suggests.
Addressing misconceptions surrounding its restructuring efforts, Paytm emphasised that any adjustments made are performance-related and should not be construed as "mass layoffs". The company reaffirmed its dedication to growth and operational efficiency, while ensuring the stability of its workforce.
Paytm also urged stakeholders and the public to rely on verified information from official sources and disregard speculative narratives.