According to reports, PayU India, a prominent fintech company, has eliminated 150 jobs, or about 6% of its staff, in order to reorganise its teams locally.
Fintech major PayU India lays off around 6 per cent of its workforce by cutting down 150 jobs as it aims to realign its teams locally
The layoffs at the Naspers-owned business are dispersed across teams and primarily affect PayU’s India division and Wimbo, a company it purchased in 2019 that specialises in payment security and mobile payment technologies. The payments and fintech division of the South African multinational Naspers, Prosus, is called PayU.
The fintech companies owned by PayU India include Wimbo, Citrus, and LazyPay. We are realigning teams across several businesses in India while keeping in mind our greatest strategic priorities. Some of our coworkers will need to be cut loose. Organizational reorganisation will have an impact on about 150 people, or less than 6% of our entire workforce, a PayU spokeswoman said, according to media reports.
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Merger of PayU and BillDesk would have created a payment gateway behemoth with USD 147 billion in annualized total payments value (TPV) almost double that of Razorpay, which possessed a TPV of USD 80 billion
The statement said, “As PayU focuses on building a full-stack digital financial services ecosystem in India, it is imperative that the company has the correct structure, resources, and agility to respond to a fast-evolving fintech industry and grab the opportunities.”
Earlier this year, Prosus, the company that runs PayU, decided against acquiring online payment processor BillDesk for $4.7 billion. The merger was terminated less than a month after being approved by India’s antitrust watchdog, the Competition Commission of India (CCI).
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