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## Paytm Denies Reports of Layoffs as Senior Executive Resigns

In an exchange filing on Saturday, One97 Communications Ltd (OCL), which owns and operates the Paytm brand, announced the resignation of Praveen Sharma, Senior Vice President – Business, on March 23. Sharma, who previously held leadership roles at Google, is stepping down to pursue new opportunities.

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**Addressing Workforce Reduction Speculations**

Contrary to reports suggesting a 25-50 percent workforce reduction in specific business segments, Paytm denied these claims in its filing. The company stated that such reports were baseless and did not accurately reflect its operational and strategic planning.

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**Commitment to Growth and Operational Efficiency**

Paytm clarified that its annual appraisal process, focused on performance evaluations and role alignments, is a standard organizational practice aimed at enhancing team performance. The company emphasized that its restructuring efforts and performance-related adjustments should not be misconstrued as layoffs.

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**Mission of Leading Digital Payments and Financial Services Landscape**

Despite the unfounded layoff speculations, Paytm affirmed its dedication to leading the digital payments and financial services landscape in India. The company reiterated its commitment to innovation, customer service, and team development amidst the speculative narratives surrounding the reported layoffs.

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