PayU to Lay off 150 Employees, Seeks to Realign Teams in India

PayU, the fintech and payments firm backed by Prosus, will lay off 150 employees or reportedly 6 per cent of its total workforce, announcing such a decision after edtech start-ups and technology giants earlier.

"Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India. As a result of which, regretfully we will part ways with some of our colleagues. Any separations within PayU are always in accordance with the contractual terms and conditions," said a spokesperson for PayU in a statement.

The company said that India is its largest market and remains important. "As we stay focused on our vision of creating a full stack digital financial services ecosystem in India, it's important to ensure PayU has the right structure and resources in place and is nimble enough to respond to a fast-evolving fintech market & seize the opportunities it presents."

The company said that it does not plan any major downsizing and attritions would be part of the usual course of business.

It was suggested that the layoffs have mainly impacted Wibmo, the digital payment security and technology unit PayU acquired in 2019. PayU did not comment on the same.

Source: Business Standard