Paytm denies layoff, SVP Praveen Sharma steps down

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Paytm denies layoff, SVP Praveen Sharma steps down
Paytm denies layoff, SVP Praveen Sharma steps down

Sharma worked for Google for nine years in executive positions overseeing India and the APAC region before joining Paytm.

One97 Communications Ltd. (OCL), the company that owns and runs the Paytm brand, publicly declared on Saturday in an exchange filing that Praveen Sharma, Senior Vice President – Business, has resigned on March 23.

According to the press release, Sharma is taking a step back to explore options in the next stage of his career. Sharma worked for Google for nine years in executive positions overseeing India and the APAC region before joining Paytm.

In response to recent rumours, Paytm vehemently refuted claims indicating a 25–50% reduction in staff in some business areas.

Paytm claimed in its lawsuit that these claims lacked credibility and misrepresented the company’s operational and strategic objectives.

As per the filing, Paytm is presently undergoing its yearly evaluation procedure, which is a customary organizational procedure used to evaluate and improve team productivity. This procedure, which focuses on role alignments and performance reviews, is typical for all industries and does not portend layoffs.

Additionally, the corporation made it clear that many mistake its performance-related modifications and restructuring activities for layoffs. According to the filing, Paytm affirms its dedication to expansion and operational effectiveness without jeopardizing the stability of its personnel.

The exchange filing quotes a Paytm official statement asserting, “The claims of layoffs affecting 50% of our workforce are unfounded and misleading. We are focused on sustainable growth, innovation, and providing exceptional service to our customers. We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives.”

The company further says that “Paytm remains dedicated to its mission of leading the digital payments and financial services landscape in India, reinforcing its commitment to innovation, customer service, and team development amidst unfounded layoff speculations.”

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