PayU To Lay Off 150 Employees or 6% of Workforce; Says Realigning Teams in India
Edited By: Mohammad Haris
Last Updated: December 26, 2022, 17:35 IST
PayU says India is its largest market and remains important.
PayU says it does not plan any major downsizing, and attritions would be part of the usual course of business
Netherlands-based payment service provider PayU, which is backed by technology investor Prosus, will lay off 150 employees or about 6 per cent of its total workforce. The company said it is realigning teams across some businesses in India.
“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.
PayU said it does not plan any major downsizing, and attritions would be part of the usual course of business. The company also said India is its largest market and remains important.
The company said it stays focused on its 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.”
In a recent financial disclosure, PayU said its total payment volume (TPV) grew 59 per cent to $28 billion and revenue increased 48 per cent to $183 million in FY2023, following digitalisation of e-commerce, financial services and bill payments, and a rebound in post-pandemic travel.
The total number of transactions grew 17 per cent year-on-year, driving total payment volume (TPV) growth of 49 per cent to $46 billion. Economic interest revenue increased 55 per cent to $480 million, with a trading loss of $97 million.
Consolidated revenue grew 57 per cent to $412 million, on the back of growth in payments in India, Turkey and Poland, as well as scaling of the credit business in India. Consolidated trading losses expanded to $80 million, as we continued to invest in growing our credit operations in India, said the investment arm of South African multinational Nasper in its results filing.
Prosus had in August 2021 announced the acquisition of BillDesk in an all-cash deal.
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