Layoff Season Continues! PayU Fires 6% Of Its Workforce; 150 Employees Lose Their Jobs
PayU, a provider of payment services, is the most recent firm to reduce its workers.
According to reports, 150 employees from a variety of teams made up 6% of PayU’s layoffs. PayU had a fantastic year, and in the first half of the fiscal year 2022–2023, its sales increased 38% to $183 million.
“As we remain committed to our objective of establishing a full-stack digital financial services ecosystem in India, it’s critical to make sure PayU is well-structured, has the necessary funding, and is agile enough to adapt to the rapidly changing fintech sector and grab the possibilities it offers. We are realigning teams across several Indian companies while keeping in mind our top strategic ambitions. We sadly had to part ways with some of our coworkers as a result,” a PayU official told IANS.
PayU stated that the company had no plans to substantially reduce its workforce and that “any attritions would be part of our ordinary course of business.” One of the top payment gateways in India, PayU has helped more than 4.5 lakh businesses, including well-known corporations, international e-commerce titans, and small and medium-sized businesses. It makes it possible for companies to accept electronic payments from more than 150 online payment options.
Any layoffs at PayU “are always in conformity with the contractual terms and circumstances,” the firm claims. PayU India wants to develop a full-stack digital financial services platform to utilize technology to meet all (tapped and untapped) customer financial demands, including those of consumers, banks, and merchants.