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According to the Economic Times, payment service provider PayU has sacked 150 employees, or 6% of its workforce, in order to reorganise its team domestically.
The layoffs at the Netherlands-based company affect primarily PayU’s India unit and Wimbo, a California-based payment and security startup that PayU purchased for $70 million in 2019.
PayU is the investing arm of the South African conglomerate Naspers. Citrus and LazyPay are two of its other fintech ventures.
PayU, which is owned by Prosus, named Arvind Agarwal as its new Chief Financial Officer earlier this month. Agarwal came to PayU following a successful tenure at Nykaa. Arvind spent three years with Amazon as a Financial Planning & Analysis Leader and Business Controller before joining Nykaa in 2020. He joined Vodafone India in 2012, where he worked for more than 5 years as CFO and Financial Controller.
PayU, India’s top online payment solutions provider, is regulated by the Reserve Bank of India and has innovative solutions to address the Indian market’s digital payment needs.
Payment gateway solutions are provided by the corporation to internet businesses. It is one of India’s major payment gateways, having empowered 4.5 lakh businesses, including leading organisations, e-commerce behemoths, and SMBs. It allows companies to accept digital payments using 150 online payment options, including Credit Cards, Debit Cards, Net Banking, EMIs, BNPL, QR, UPI, Wallets, and others.
PayU Payments announced a 51% increase in revenue for FY2022 in October of this year, at Rs.2,130.3 crore.
The fintech firm’s bottom line was Rs.126 crore, compared to a net loss of around Rs.117 crore this year. The company’s spending increased dramatically in the recent fiscal year, reaching over Rs.2,230 crore—46% higher than the previous year.