PayU layoffs 6% of its workforce; 150 employees lose jobs: Report


Payment service provider PayU has fired 150 staff, that is 6% of the company’s workforce to realign its team locally, according to a report by the Economic Times.

The layoffs at the Netherlands-based company are spread across teams and mainly impact PayU’s India unit and Wimbo–a California-based payment and security company that PayU acquired in 2019 for $70 million.

PayU is the investment arm of South African multinational Naspers. Its other fintech businesses include Citrus and LazyPay.

Earlier, this month, Prosus-owned PayU appointed Arvind Agarwal as its new Chief Financial Officer. Agarwal joined PayU after a successful stint at Nykaa. Before joining Nykaa in 2020, Arvind worked as Financial Planning & Analysis Leader and Business Controller at Amazon for 3 years. In 2012 he joined Vodafone India where he spent more than 5 years as CFO and Financial Controller.

PayU, India’s leading online payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market.

The company provides payment gateway solutions to online businesses. It is one of the leading payment gateways in India & has empowered 4.5 lakh businesses, including leading enterprises, e-commerce giants, and SMBs. It enables businesses to collect digital payments across 150 online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, BNPL, QR, UPI, Wallets, and more.

In October this year, PayU Payments reported a 51% rise in its revenue at 2,130.3 crore for FY2022.

The fintech firm’s bottom line stood at 126 crore against a net loss of about 117 crore this year. The company’s expenses also rose sharply in the last financial year at about 2,230 crore–46% higher than the previous year.

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