Paytm's Senior VP of business Praveen Sharma resigns; company issues clarification on layoffs

Praveen Sharma, the Senior Vice President of Business at One97 Communications, the parent company behind the fintech giant Paytm, has officially resigned. 

The company disclosed this development in an exchange filing, marking Sharma's departure as he seeks to explore "other opportunities" beyond Paytm. Sharma, who has a rich background including a significant tenure at Google focusing on India and the Asia-Pacific region, will be leaving his position effective March 31, the company said. 

Denial of layoff reports

In light of recent speculation regarding potential layoffs within the company, Paytm has categorically denied such reports. The rumors, suggesting a workforce reduction ranging from 25 to 50% in certain business segments, were labeled as "baseless" by the company. 

Paytm emphasized that its ongoing annual appraisal process is a standard industry practice aimed at assessing and enhancing team performance, not indicative of impending layoffs.

Paytm's clarification 

Paytm clarified that its restructuring efforts and performance-related adjustments have been misconstrued as layoffs. The company reassured stakeholders of its commitment to growth, operational efficiency, and workforce stability.

"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," a spokesperson for Paytm said.

The resignation of Praveen Sharma follows a series of adjustments within Paytm, including the resignation of Vijay Shekhar Sharma from the Board of Paytm Payments Bank Ltd (PPBL) amidst regulatory challenges.