One97 Communications, the parent company of fintech unicorn Paytm, in an exchange filing on March 24 announced that Praveen Sharma, Senior Vice President – Business, formally resigned from his post on Saturday.
Sharma is pursuing “other opportunities” in the next phase of his professional journey.
Prior to his tenure at Paytm, Sharma held leadership roles at Google for nine years, focusing on India and the APAC region, according to an ANI report.
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Clarification of Workforce Reduction Speculations
Meanwhile, amid recent job cut speculations, Paytm has refuted reports suggesting a 25-50 percent reduction in its workforce in specific business segments, ANI reported. The company labeled such reports as “baseless” and inaccurately representing its operational and strategic planning.
Paytm explained in its filing that it is currently engaged in its annual appraisal process, a routine organizational practice aimed at evaluating and strengthening team performance. The company emphasized that this process, which focuses on performance evaluations and role promotions, is standard across industries and does not indicate layoffs.
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The company claimed that its restructuring efforts and performance-related adjustments were mistaken for layoffs. Paytm has restated its commitment to growth and operational efficiency without compromising workforce stability.
“The claims of layoffs affecting 50% of our workforce are baseless and misleading. We are focused on sustainable growth, innovation and delivering exceptional service to our customers. We encourage our stakeholders and the public to rely on factual and verified information from official sources. and ignore speculative stories,” a Paytm spokesperson said.
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Paytm also stated its dedication to “leading the digital payments and financial services landscape in India, strengthening its commitment to innovation, customer service, and team development amid baseless layoff speculation”.
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Published: 24 Mar 2024, 08:53 IST