Paytm fires 1000 employees as it implements AI automation tech

26 Dec 2023 , 03:18 PM

Paytm, a leading fintech company, has cut off over 1000 staff from its operations, sales, and engineering teams after using a bevy of AI technologies to boost productivity.

We are modernising our operations using AI-powered automation to increase efficiency, removing repetitive processes and responsibilities to increase efficiency across growth and expenses, resulting in a minor reduction in our operations and marketing headcount. 

We will be able to save 10-15% on personnel expenditures because AI has exceeded our expectations. Furthermore, we continually assess situations of non-performance throughout the year, stated a Paytm representative.

On December 7th, the business revealed plans to scale down its small-ticket postpaid loans while expanding its high-ticket personal loans and merchant loans. Brokerages have also been disappointed by the move, forcing them to lower their revenue projections for the firm.

One97 Communications, the parent company of payments giant Paytm, reported consolidated revenue of Rs 2,519 crore for the second quarter ended September 2023, up 32% from the previous year’s revenue of Rs 1,914 crore, owing primarily to improved payment processing margins and loan disbursement growth.

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