Paytm refutes layoff reports as SVP Praveen Sharma steps down

One97 Communications Ltd. (OCL), the company that owns and runs the Paytm brand, publicly declared on Saturday in an exchange filing that Praveen Sharma, Senior Vice President, Business, has resigned on March 23.

In response to recent rumours, Paytm vehemently refuted claims indicating a 25–50% reduction in staff in some business areas. Paytm claimed in its lawsuit that these claims lacked credibility and misrepresented the company’s operational and strategic objectives. According to the press release, Sharma is taking a step back to explore options in the next stage of his career. Sharma worked for Google for nine years in executive positions overseeing India and the APAC region before joining Paytm.

As per the filing, Paytm is presently undergoing its yearly evaluation procedure, which is a customary organizational procedure used to evaluate and improve team productivity. This procedure, which focuses on role alignments and performance reviews, is typical for all industries and does not portend layoffs. Additionally, the corporation made it clear that many mistake its performance-related modifications and restructuring activities for layoffs. According to the filing, Paytm affirms its dedication to expansion and operational effectiveness without jeopardising the stability of its personnel.

A Paytm official statement, cited in the exchange filing, states, “The claims of layoffs affecting 50% of our workforce are unfounded and misleading.” Our priorities are innovation, steady expansion, and giving our clients outstanding service. We implore the public and our stakeholders to ignore speculative narratives and instead rely on accurate and confirmed information from official sources.”

In addition, the firm states that, despite unsubstantiated rumours of layoffs, Paytm is still committed to its goal of changing the financial services and digital payment landscape in India. It emphasises its dedication to innovation, customer care, and team building.

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