PayU terminates jobs of nearly 150 employees

Online payments solutions provider PayU has terminated jobs of nearly 150 employees representing less than 6 percent of its total workforce.
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The layoffs came as PayU witnessed a successful year and its revenues grew 38 percent to $183 million in the first half of the FY 2022-23.

“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 and seize the opportunities,” a PayU spokesperson told IANS.

PayU said it does not have any plans for any major downsizing and any attritions would be a part of its usual course of business.

PayU is one of the payment gateways in India and has empowered more than 4.5 lakh businesses, including leading enterprises, e-commerce giants and SMBs. PayU enables businesses to collect digital payments across more than 150 online payment methods.

“It’s been an exciting year for us, as the country returned to normal and PayU recorded a 48 percent increase in TPV to $28 billion in the first six months of FY23. We have a pipeline of exciting products for 2023 and we look forward to the coming year,” Manas Mishra, Chief Product Officer, PayU Payments, said in a statement last week.