Paytm lays off over 1000 employees amid AI boost
THE JHARKHAND STORY DESK New Delhi, Dec 25: In an effort to reduce staff expenses, One97 Communications Ltd., the parent company…
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THE JHARKHAND STORY DESK
New Delhi, Dec 25: In an effort to reduce staff expenses, One97 Communications Ltd., the parent company of digital payments giant Paytm, has fired at least 1,000 employees across several divisions.
A Paytm representative responded to reports of layoffs at the company by stating that there has been a reduction in the number of employees in the operations and marketing departments. Paytm reportedly began the layoff process as early as October, according to sources.
AI to reduce staff costs by up to 15%
The spokesman pointed out that the company wants to eliminate “repetitive tasks and roles” and integrate artificial intelligence (AI) in order to transform its operations.
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“We are transforming our operations with AI-powered automation to drive efficiency, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce in operations and marketing,” a Paytm spokesperson stated.
The spokesman went on to say that by utilizing AI-powered automation, the company will be able to reduce staff costs by 10% to 15%.
“We will be able to save 10-15 per cent in employee costs as AI has delivered more than we expected it to. Additionally, we constantly evaluate cases of non-performance throughout the year,” the spokesperson further stated.
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