PayU India layoffs are reportedly the latest in the list of companies axing jobs amidst a global economic downturn. As per latest reports, PayU, the payments and fintech business of Prosus has axed almost 6 per cent of its workforce.
According to a report in the Economic Times, PayU India layoffs are spread across various teams. Prosus is reportedly trying to realign its teams locally and hence, these layoffs are being considered a step towards that. While Prosus is the investment arm of the South African MNC Naspers, the layoffs are reportedly just affecting India’s team.
“Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India…We will have (to) part ways with some of our colleagues. Close to 150 employees, which is less than 6% of our total employee strength, will be impacted from organisational realignment,” the Economic Times quoted a source as saying.
In addition to this, the report also adds that the layoffs at PayU have also impacted Wibmo, a digital payment security and mobile payment technology firm. The latter was acquired by PayU in 2019 for about 70$ million. Now, PayU India’s fintech businesses include Wibmo, LazyPay and Citrus Pay, as per the report.
PayU India layoffs come at a time when several companies have been axing jobs in an effort to cut down on costs. As pressures mount due to mixed global cues, several people’s jobs have been impacted in these rounds of mass layoffs. It must also be noted that it is not just the tech companies that have laid off workers but also others across various sectors.