PayU Lays Off 6% Of Its Workforce. Check Details Here

PayU reportedly laid off 6 per cent of its employees which is around 150 employees across various teams.

Written by: India.com News Desk Edited by: Snigdha Choudhury

Updated: December 26, 2022, 12:44 PM IST

Share

Share Article

• Facebook
• WhatsApp
• X
• Email
• Telegram
• Linkedin

https://www.india.com/business/payu-lay-offs-6-per-cent-its-workforce-check-details-here-5823644/ Copy

Klaviyo has now joined the long list of tech companies that have announced mass layoffs in 2023.

New Delhi: Payment service provider PayU became the latest in the list of companies to cut down its workforce. PayU reportedly laid off 6 per cent of its employees which is around 150 employees across various teams. The layoffs came as PayU witnessed a successful year and its revenues grew 38 per cent to $183 million in the first half of the FY 2022-23.

Layoffs 2022: What PayU said in its statement

“As we stay focused on our vision of creating a full-stack digital financial services ecosystem in India, it’s important to ensure PayU has the right structure and resources in place and is nimble enough to respond to a fast-evolving fintech market and seize the opportunities it presents. Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India. As a result of which, regretfully, we will part ways with some of our colleagues,” a PayU spokesperson told IANS.

PayU said it does not have any plans for any major downsizing and “any attritions would be a part of our usual course of business”. PayU is one of the leading payment gateways in India and has empowered more than 4.5 lakh businesses, including leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across more than 150 online payment methods.

According to the company, any job cuts within PayU “are always in accordance with the contractual terms and conditions”. PayU India aims to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (merchants, banks and consumers) through technology.