Paytm, a major Indian startup, has laid off over 1,000 employees as a result of implementing AI automation technologies. The layoffs affected various departments, including engineering, sales, and operations. This move follows Paytm's exit from the lending and BNPL sectors. The company had previously laid off 500-700 employees in 2021. The layoffs are part of cost-saving measures and efficiency improvements. The tech industry in India, including big companies like Paytm, is experiencing a hiring pause due to macroeconomic headwinds and global job cuts.
The big tech pack of ‘FAAMNG’ companies in India are experiencing a hiring pause due to macroeconomic headwinds and global job cuts. Read: https://t.co/92og2YyObj https://t.co/dPhgFdx6Mr
Paytm shares fell due to layoffs of over 1,000 employees, driven by AI automation #AI #AIautomation #artificialintelligence #Costsavings #Efficiency #Investment #Layoffs #llm #machinelearning #Paytm #Q32023results #Recruitment #stockperformance https://t.co/G7tfRUaEqI https://t.co/QAiRsljeS0
Google had just been talking about it, but... Paytm let go of 1,000 workers from its engineering, sales, and operations teams after introducing several AI automation technologies! It started with Paytm laying off 500–700 employees in 2021. The number has increased since then. https://t.co/k2BNpc0cyg https://t.co/NrOBta2xMW
Times of India @timesofindia: AI tech: Paytm will axe jobs to cut costs - The Times of India. #AI #industry40 #MachineLearning https://t.co/ezEWeo2tSc
#Paytm cuts jobs across units, termed 'biggest #startups #layoffs on 2023' https://t.co/dCj168OFR5
Paytm slashes 1,000 jobs after exiting lending, BNPL sectors https://t.co/69rlWas6BG