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Fintech Firm PayU India Lays Off 150 Employees: Report

Since the beginning of 2022, nearly 18,000 employees have lost their jobs in the Indian tech sector

Fintech Firm PayU India Lays Off 150 Employees: Report
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Outlook Start-Up Desk

POSTED ON December 26, 2022 11:13 AM

The layoff saga in the Indian tech sector continues as fintech company PayU India has laid off its 150 employees, The Economic Times reported. 

A person aware of the development told The Economic Times that the layoffs hit various teams and PayU’s Indian unit Wibmo, a mobile payment technology, which was acquired by the company in 2019 for $70 million. 

“Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India,” a spokesperson for PayU said, confirming the development. “…we will have (to) part ways with some of our colleagues. Close to 150 employees, which is less than 6 per cent of our total employee strength, will be impacted by organisational realignment," the spokesperson told The Economic Times. 

In 2022, the Indian tech sector witnessed massive upheavals. Big players like Byju's and Unacademy terminated staff to keep their businesses on profitability track. 

In October, Byju's announced its plan to rationalise 5 per cent of its 50,000-strong employee bandwidth. In April, another edtech unicorn Unacademy fired 1100 staff. Recently, Vedantu also terminated 350 employees

Since the beginning of 2022, nearly 18,000 employees have lost their jobs in the Indian tech sector, a Business Today report pointed out. 

Global situations are also similar to India. Tech giants Meta laid off 13 per cent of its entire workforce. After the takeover, Elon Musk-led Twitter also terminated 7,500 workers. 

Considering the present situation in India, tech experts are anxious that 2023 can be harder than this year. Gaurav Munjal, the CEO of Unacademy, said that he had heard 2023 would be more difficult than 2022. Kalyan Krishnamurthy, the CEO of Flipkart, seconded his thoughts by saying, "The next 12 to 18 months is where we will see a lot of turmoil and volatility, post which I think things will be much better." 
 

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