PayU India Lays Off 150 Employees: Report
The firm has attributed the move to the local realignment of its teams across some businesses in the country and claims to have no current plans for any major downsizing
By Soumya Duggal •
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PayU India, the Indian arm of Netherlands-based payments fintech PayU, has terminated 150 employees, which is around 6 per cent of its workforce, according to a recent report in The Economic Times.
The firm has attributed the move to the local realignment of its teams across some businesses in the country and claims to have no current plans for any major downsizing. In H1 FY23, PayU's revenues grew 38 per cent, coming up to $183 million.
The layoffs are spread across various teams and mainly impacted PayU India's unit, Wibmo, a digital payment security and mobile payment technology firm it acquired in 2019 for $70 million, a person aware of the matter told ET. The company's fintech businessses also include LazyPay and Citrus Pay.
As the company focuses on creating a full-stack digital financial services ecosystem in India, it was important to ensure that PayU had 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, the spokesperson told ET.
PayU is a leading payments solution provider to around five lakh businesses in India. The company enables businesses to collect online and offline payments across more than 150 payment modes such as credit cards, debit cards, net banking, EMIs, BNPL, QR, UPI, and wallets, among others.
In October this year, global investment group Prosus, which owns PayU, called off a $4.7 billion acquisition of Indian payments giant BillDesk. First announced in August 2021, the proposed deal's scrapping followed within a month of India's antitrust regulator Competition Commission of India (CCI) approving the deal.
