Paytm confirms reduction in workforce to cut costs

Bengaluru: One 97 Communications , parent of fintech firm Paytm, on Monday confirmed a “slight reduction” in its workforce as part of cost-cutting measures, without specifying a number of jobs.

A company spokesperson, however, denied recent media reports that have suggested the non-bank lender could cut more than 1,000 roles.

“We will be able to save 10-15 per cent in employee costs as Artificial Intelligence (AI) has delivered more than we expected it to,” the spokesperson said.

Paytm is overhauling its operations in an attempt to achieve its first net profit since listing in November 2021.