Paytm Reduces Workforce by 100s After Adopting AI

IndustryTrends

Due to the firm's use of AI to incorporate automation and assure cost-cutting, Paytm's parent company One97 Communication has laid employees.

The company has laid off hundreds of people across verticals including sales and engineering.

Paytm's use of AI in its operations resulted in cost savings and the elimination of repetitive duties and responsibilities in the fintech firm.

Paytm's Founder and CEO, Vijay Shekhar Sharma, is pushing his 10,000-person technology, product, and engineering teams to employ Microsoft Corp. and Google AI capabilities.

Paytm has been able to reduce product development time from weeks to days as a result of this.

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