Paytm CEO hints at layoffs as sales slide, losses mount

FinTech unicorn Paytm reported record loss of Rs 550 crore for Q4FY24 as compared to Rs 167.5 crore in Q4FY23, mainly due to the regulator’s intervention and ban on its payments bank arm. Post this record loss, in a letter to the shareholders, Paytm CEO Vijay Shekhar Sharma hinted on job cuts, improving governance and leveraging AI among other things.