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Paytm

Indian fintech company (One97 Communications). Major digital payments and financial services platform. Faced RBI restrictions on its payments bank subsidiary in 2024, leading to mass layoffs.

Track Record

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Laid off 3,500+ employees after RBI restrictions, representing 49% of all Indian startup layoffs in 2024

Mar 1, 2024
reactive

Paytm laid off over 3,500 sales employees between December 2023 and March 2024 after RBI restricted its payments bank subsidiary from onboarding new customers. Despite founder Vijay Shekhar Sharma's January 2024 promise of no layoffs, headcount dropped from 40,000+ to 36,500. In 2024, Paytm accounted for 49% of total Indian startup layoffs. Employees alleged HR pushed 'voluntary' resignations to avoid severance.

- Worker Rights
Sources: Inc42(opens in new tab)· Inc42(opens in new tab)