Priya PatelTLDR:
- Praveen Sharma, SVP of business at Paytm, has resigned to pursue other opportunities.
- Paytm denies reports of significant workforce reduction and is focused on sustainable growth.
Praveen Sharma, a former senior vice-president at Google who later joined Paytm, has resigned from his position at Paytm to explore other opportunities. Paytm, in response to reports of layoffs affecting 50% of its workforce, has denied these claims and emphasized their commitment to growth and innovation. The company is currently conducting its annual appraisal process to enhance team performance, not indicative of layoffs. Paytm’s parent company, One 97 Communications, also claimed that they are focused on providing exceptional service to customers and urged stakeholders to rely on factual information rather than speculative narratives.
On a related note, Vijay Shekhar Sharma, the founder of Paytm, resigned from the board of Paytm Payments Bank Ltd (PPBL) to enable the reconstitution of the board. PPBL had faced major business restrictions by RBI, including a ban on fresh deposits and credit transactions. The deadline was later extended until March 15. This reshuffling within Paytm and its associated entities reflects a period of transition and changes within the organization’s leadership.
