According to a report by the Economic Times, payment service provider PayU has sacked 150 employees, or 6% of its total workforce, in order to reorganise its team locally.
The layoffs at the Dutch company, which affect a number of teams, mostly affect PayU’s operations in India and Wimbo, a payment and security firm based in California that PayU purchased in 2019 for $70 million.
The investing division of the South African multinational Naspers is PayU. Citrus and LazyPay are among its further financial ventures.
PayU, which is owned by Prosus, named Arvind Agarwal as its new chief financial officer earlier this month. Agarwal joined PayU following a productive tenure at Nykaa. Arvind spent three years as an Amazon business controller and leader of financial planning and analysis before joining Nykaa in 2020. He joined Vodafone India in 2012, where he served as CFO and Financial Controller for more than 5 years.
The Reserve Bank of India regulates PayU, the largest supplier of online payment services in India, and it offers cutting-edge solutions to address the country’s market’s needs for digital payments.
The business offers internet businesses payment gateway solutions. It is one of India’s top payment gateways and has helped 4.5 lakh businesses, including well-known corporations, e-commerce behemoths, and SMBs. It enables companies to accept digital payments using 150 online payment options, including Wallets, QR Codes, Net Banking, EMIs, BNPL, and more.
PayU Payments reported a 51% increase in revenue for FY2022, coming in at ₹2,130.3 crore, in October of this year. The fintech company had a net loss of around ₹117 crore this year, but its bottom line was still ₹126 crore. The company’s expenses increased significantly over the previous financial year, rising by 46% to roughly ₹2,230 crore.