One97 Communications, the company behind the financial tech giant Paytm, shared news on March 24 that Praveen Sharma, the Senior Vice President of Business, has decided to step down from his role. Before joining the Paytm team, Sharma had a rich experience leading at Google, where he spent nine years focusing on projects in India and the APAC region, according to a report by ANI.
In the midst of rumors swirling about potential job cuts at the company, Paytm has strongly denied claims suggesting that they’re planning to reduce their workforce by 25-50% in certain departments. Labeling these rumors as “baseless,” the company emphasized that such reports do not accurately reflect its operational or strategic intentions, as per ANI.
Paytm clarified that it is simply undergoing its usual annual appraisal process, which is a common practice across many organizations aimed at assessing and improving the performance of its teams. The company highlighted that this review process is about performance evaluation and aligning roles within the company, and should not be interpreted as an indication of impending layoffs.
The company firmly addressed the restructuring and performance evaluation processes, stating that they have been wrongly perceived as job cuts. Paytm reiterated its dedication to pursuing growth and maintaining operational efficiency, all while ensuring the stability of its workforce.
“We want to make it clear that the rumors about layoffs affecting half of our team are not only baseless but also misleading. Our focus remains on sustainable growth and innovation, all while delivering outstanding service to our customers. We encourage everyone to look for accurate and confirmed information from our official channels and to ignore speculative stories,” a spokesperson for Paytm stated.
Furthermore, Paytm has reaffirmed its commitment to being a leader in the digital payments and financial services sector in India. The company continues to prioritize innovation, customer satisfaction, and the development of its team, despite the baseless speculation regarding layoffs.
