Paytm Signals Job Cuts, Asset Sales After India Probe Hit
- Fintech firm struggling to recover from watchdog’s onslaught
- Payments pioneer issues first report since regulator’s actions
This article is for subscribers only.
Paytm warned of job cuts and said it would trim non-core assets after reporting its first sales decline on record, reflecting fallout from a regulatory probe that curtailed much of the Indian fintech pioneer’s business.
Once a role model for India’s nascent startup economy, Paytm’s net losses swelled several-fold to 5.5 billion rupees ($66.1 million) for the three months through March. The company known as One 97 Communications Ltd. reported a 2.6% slide in revenue to 22.7 billion rupees — the first drop since its 2021 stock-market debut. But it said it now aimed to streamline the organization, cut employee costs and “prune” non-core businesses. The company’s shares climbed as much as 2.8%, reversing earlier losses.