Paytm is reducing its workforce, and Vijay Shekhar Sharma, CEO, Paytm, believes that the need for employees may decrease because the company is focusing more on artificial intelligence (AI).
In 2024, the company has important plans and is concentrating on making major advancements in AI. It wants to use AI to work better and save money. Paytm’s recent moves show that it is adjusting to changes in the market and making things more efficient. It is getting ready to explore its evolving strategy and see how AI will play a big part in its future.
Having utilised AI tools to streamline operations, reduce staffing needs and enhance efficiency, the fintech major has decided against increasing its on-ground salesforce.
By using AI tools, Paytm aims to make operations smoother, cut down on the need for many staff, and improve efficiency. Other than that, the fintech company has also decided not to hire more on-ground salespeople.
Sharma explained that the firm recently laid off over 100 employees from various teams such as operations, sales and engineering. During the earnings call on 19 January to discuss Q3 results, Sharma mentioned that instead of expanding different business functions, the firm is focusing on adding capabilities to the platform using machines and systems.
The company further mentioned that during Q2, the company hired more people because of the festive season. However, the company has no plans to hire more people in the upcoming quarters.
