New layoffs: PayU is cutting 6% of its workforce

Last updated on January 13th, 2023 at 04:42 am

Fintech is a major of PayU. Now PayU in India is laying off 150 employees which are nearly 6%. The layoffs at the Naspers-owned company are spread across teams. Mostly it affects PayU’s India unit Wimbo which gives payment security and mobile payment technology. In India PayU’s unit includes Fintech, Wimbo, Citrus, and LazyPay. 

The spokesperson of PayU said that they are realigning the teams across businesses in India. But we need to cut out 150 employees, which is around 6 percent of our team. It is necessary for our team’s growth and demand.

It was important to ensure that PayU had the right resources and structure. As the market is growing and changing so responsive environment is the need. We the Fintech market need to grab the opportunities and build an ecosystem In India, This all is added by the spokesperson. But he also said the company is not planning any major layoff in near future.

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Proses owns PayU. PayU’s proposed US$4.7 billion acquisition of online payment gateway Billdesk. This happened within a month after Competition Commission India approved the deal. This merger of BillDesk and PayU will generate a network of 147 billion USD in total. This would be almost double the amount with Razorpay. which aims the amount to around 80 billion USD.

PayU is in profit

Now after some minor layoffs PayU is in profit. We can see in the latest financial statement that it turned profitable in FY22. The company gets 51 % more profit in operating revenue and is generated worth 2022,43 crores. Apart from this, the revenue increased by 2130 crores.

So, in the end, PayU is removing 6%of  people at the point they are not useful enough for the company!