After RBI action, Paytm is on a comeback path. The company will hire 4000 people to expand its AI and merchant network.
This move comes nearly two years after the Reserve Bank of India (RBI) action that significantly impacted the company's operations. This new hiring will increase the company's current workforce of 40,000 by about 10%.
The company stated that more than 800 people have already been hired in the last two months. The recruitment process is expected to be completed by March 2027.
Along with the new hires, the company may also let go of about 400 employees, or 1% of the total staff, after its current performance appraisal cycle.
This number is significantly lower than the major layoffs last year when more than 4,500 employees were let go after the RBI canceled the Paytm Payment Bank's license.
The news also had a positive impact on the stock market. On the BSE, Paytm's share was trading at ₹1,057.50, up by ₹25.05 (2.43%).
Although it is still well below its 52-week high of ₹1,381.75, the stock has registered a 7% gain over the past year.
A company representative said, 'Our goal is to provide better financial services to our merchant partners and users by leveraging AI.'
Paytm has recorded profits for four consecutive quarters. CEO Vijay Shekhar Sharma aims to connect the company's millions of registered users with loans, investments, and other financial products.
The company was founded in 2010 as a mobile recharge platform, but the 2016 demonetization turned it into India's largest fintech company.
This new hiring and focus on AI is a significant step for Paytm. It will not only help the company strengthen its market position but also restore investor confidence and lay the foundation for future growth.
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