India’s leading fintech company Paytm is now going to bet big on Artificial Intelligence i.e. AI and new financial products. The company has announced to recruit about 4,000 new employees in the next nine months. However, along with this, about 400 employees will also be laid off after the performance appraisal process. Paytm says that it is focusing on strengthening its merchant network and expanding AI based services. This step is considered to be part of the company’s new growth strategy.
Focus on AI with 4,000 new recruitments
Paytm has said that it will continue the recruitment drive till March 2027. According to the company, more than 800 people have been given jobs in the last two months alone and now the process of adding 4,000 additional employees is going on. New recruitment will be done in teams related to product, technology, artificial intelligence and senior leadership. The company aims to rapidly expand its merchant network and strengthen its AI-based service. At present, Paytm has about 40,000 employees and after the new recruitment, its total workforce may increase by about 10 percent.
Layoffs also continue, 400 employees affected
Along with new recruitments, Paytm is also cutting some posts. According to the company spokesperson, after the completion of the current performance appraisal cycle, about 1 percent of the employees i.e. about 400 people will be removed. Even before this, the company has reduced the number of employees on a large scale. The business of Paytm Payments Bank was affected after the action of the Reserve Bank of India, after which the group reduced more than 4,500 jobs. The few hundred employees remaining in the banking unit will also be made redundant as part of the bank’s closure process, while some employees may be sent to other units of the group.
Paytm on the path to profit after recovering from crisis
Paytm has been registering profits for the last four consecutive quarters. The company has made many changes in its business after legal challenges. CEO Vijay Shekhar Sharma is now working on a strategy to connect crores of registered users of the company with loans, investments and other financial services. Paytm, started in the year 2010, started with mobile recharge service, but later made its strong mark in the digital payments and banking sector. The shares of the company, which got listed on the stock market in the year 2021, have risen by about 7 percent in the last one year, although they are still trading more than 50 percent below their IPO price.
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