Paytm to increase its headcount by 10%
What's the story
Indian fintech giant Paytm has announced plans to hire around 4,000 employees over the next nine months. The move is part of a larger strategy to expand its merchant network and artificial intelligence (AI)-driven product offerings. The proposed recruitment drive will increase Paytm's current headcount by some 10%, from the current strength of about 40,000 employees.
Hiring details
Recruitment to continue through March 2027
The hiring push at Paytm, which is headquartered on the outskirts of New Delhi, will continue through March 2027. The company plans to recruit across various teams including product, technology, and AI. "Over the last two months, we have added more than 800 people and are in the process of recruiting a further 4,000," a company statement read.
Regulatory hurdles
Most bank staff laid off
Paytm's banking affiliate has been facing regulatory challenges for the past two years. The Reserve Bank of India (RBI) had almost shut down its banking affiliate, forcing a formal wind-down in April by canceling the operating license of independent affiliate Paytm Payments Bank. Most of the bank's staff have been laid off over the past two years, with some being absorbed elsewhere in the fintech group.
Company history
Paytm's journey so far
Founded by Vijay Shekhar Sharma in 2010, Paytm started as a prepaid mobile recharging service but soon expanded into digital payments and banking. The company dominated India's fintech space after a currency note ban in late 2016. Once backed by SoftBank Group and Alibaba Group Holding Ltd, Paytm went public in 2021. Its shares have gained some 7% over the past year but are still down over 50% from their IPO price.