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One 97 Communications, the parent company of Paytm, has laid off over 1,000 employees in multiple units. This move comes as the company looks to cut costs and realign its businesses. The layoffs, which affect at least 10% of the overall headcount, are the steepest implemented by an Indian new-age tech company in 2023. Most of the job losses are in Paytm’s lending business, which has expanded significantly over the past year. Paytm aims to save 10-15% of staff costs this fiscal year through artificial intelligence-led automation.
