PAYTM JOBS
Raamdeo Agrawal on price, value & how Buffett's Berkshire Hathaway could end up with $10-20 trillion net worth
Raamdeo Agrawal of Motilal Oswal Group discusses the importance of understanding value over price for every investor and also highlights Warren Buffett's achievements and investment strategies. He praises Buffett's 20% compounded growth over decades and notes that Buffett's limited investment in India despite significant Indian contributions to Berkshire Hathaway's success.
Tech layoffs in 2024: Apple, IBM, Intel and Microsoft announce job cuts
Layoffs in 2024: Tech firms have ramped up layoffs to manage expenses, with Intel, Microsoft, and Match Group cutting significant numbers of jobs. In India, startups such as Ola Electric, Paytm and Byju’s undertook similar layoffs in response to funding constraints, although fewer jobs were lost compared to 2023.
Apple’s hiring drive; Zomato's new ticketing feature
Apple’s shift from China is driving a massive surge in hiring in India. Details on this and more in today’s ETtech Top 5.
ETtech In-depth | Bhim promised the moon but failed to deliver. Can NPCI turn it around?
NPCI plans to rejuvenate its Bhim app by creating a separate subsidiary and appointing a new CEO. The aim is to challenge dominant players like PhonePe and Google Pay, and enable smaller banks to adopt Bhim's UPI solution. PhonePe, Google Pay and Paytm grabbed market share with cashbacks, engaging payment experience and gamification of the payment process. BHIM kept on losing users to eventually land up with 0.17% market share as of July 2024.
Status quo on UPI market share cap; P2P lenders in focus
Happy Tuesday! The market share cap on Unified Payments Interface (UPI) apps may not be implemented before the deadline. Details on this and more in today’s ETtech Morning Dispatch.
Worst of layoffs likely over, startups hand out fewer pink slips in H1
Startups cut about 11,250 jobs during the January-June period this year, compared with 21,000 in the first half of 2023 and 15,000 in the second, according to data from executive search firm Longhouse Consulting.
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Top startup and tech stories of the week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories we covered this week. Here’s a quick recap.
Govt mainstreamed startups; used to be at the bottom of food chain: Paytm's Vijay Shekhar Sharma
The 'American dream' folklore in business and technology parlance has given way to the 'Indian dream' and 'Indian startup', Paytm founder Vijay Shekhar Sharma said, adding that this is "truly a golden period" for founders and entrepreneurs here.
Vijay Shekhar Sharma breaks silence on why senior-level employees are leaving Paytm; here's what he said
One97 Communications, the parent company of Paytm, underwent layoffs in June without specifying the number affected, offering outplacement support for transitioning employees. Despite questions about senior-level departures, founder Vijay Shekhar Sharma assured that all is well. Paytm's sales team decreased by 3,500 to 36,521 personnel due to regulatory impacts from the RBI's restrictions on Paytm Payments Bank.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Paytm likely in talks with Zomato to sell movie ticketing business
Paytm is in advanced talks to sell its movie and events ticketing business to Zomato amid declining sales. The move is part of Paytm's revival strategy after reporting its first sales decline, triggered by regulatory actions. The potential sale aims to help Paytm refocus on core businesses like travel and cash backs.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Paytm employees cry foul after being asked to quit
Paytm layoffs: Following the RBI's decision to terminate Paytm Payments Bank and the wallet business, numerous employees are being asked to "voluntarily resign" without prior notice. Many have reported being denied severance pay and instructed to repay joining and retention bonuses. Despite the lack of formal communication outlining the restructuring process, some employees allege that termination clauses were not included in their offer letters.
Paytm Bank slows down in Fastag lane; q-comm in soup over food safety
Happy Friday! Banks are gaining ground in the toll payments space as Paytm Payments Bank’s market share continues to plummet. This and more in today’s Morning Dispatch.
NCLT directs Byju’s to maintain status quo; ETtech Done Deals
NCLT has asked Byju's to maintain status quo in its shareholding, pausing its controversial rights issue, this and more in today’s ETtech Top 5.
Ixigo IPO fully subscribed; more layoffs at Paytm
The initial public offering of subscription travel firm Ixigo sailed through on the first day on robust retail interest. Details on this and more in today's ETtech Top 5.
Paytm shares locked-in 10% upper circuit amid heavy volumes
Shares of One97 Communication, the company behind the digital payments platform Paytm, experienced a significant surge of up to 10% intraday on Friday following an upward revision of the circuit filter at the stock exchanges.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
Paytm shares jump another 5% despite denying talks with Adani
Paytm shares rose 5% amid reports of deal talks between Paytm CEO and billionaire. Shares hit upper circuit limit despite company's denial of discussions.
Adani's fintech play: Gautam Adani likely in talks with Vijay Shekhar Sharma to acquire stake in Paytm's parent co
Gautam Adani, chairman of the Adani Group, is reportedly looking into acquiring a stake in One97 Communications, the parent company of Paytm, according to sources cited by The Times of India. Paytm's founder and CEO, Vijay Shekhar Sharma, met with Adani in Ahmedabad to discuss the details of the potential deal.
Paytm expects near-term impact on revenue, profitability due to regulatory action: Vijay Shekhar Sharma
Paytm’s parent, One 97 Communications Ltd, is taking steps to “strengthen the governance framework across our group entities (especially regulated entities)” by appointing subject matter experts as advisors of independent directors, says founder Sharma in letter to shareholders. Going forward in the ongoing fiscal, Paytm also anticipates reduction in employee costs.
Paytm employees warned of potential job losses after hit from RBI probe
Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
Govt job fair: BFSI leads in hiring; At 20,000 plus, engineering graduates largest participants
Skill Development Minister Dr Sharan Prakash Patil on Wednesday said 9651 of 44,527 candidates who enrolled for the fair were handed offer letters by 598 companies that participated in the mela. Some participants got offers from three companies and were given the option to choose one.
Fearing job loss, Paytm Payments Bank employee commits suicide: Police
Notably, the Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliance and continued material supervisory concerns in the bank.
About 13,500 employees from Byju’s, Paytm get on job-hunting mission
The job market currently has over 6,500 active and accessible professionals from Paytm and another 7,000 from Byju’s, showed data from popular job boards and portals put together for ET by specialist staffing co Xpheno. Amid a hiring slowdown in the startup ecosystem, the going isn’t likely to be easy for jobseekers despite many of them being willing to take substantial salary cuts, recruiters said.
Oyo may pause IPO plans; GSV Ventures' Deborah Quazzo on Byju's and edtech
Oyo's initial IPO attempt hit a snag in January 2023 when the regulator sent its papers back for revisions. Following this, the SoftBank-backed company resubmitted a toned-down version, aiming for a much smaller offering through a confidential filing. Oyo was among several companies asked to adjust their IPO plans.
What's stopping rivals from lining up to pick up Paytm's talent pool
Competitors and other startups are eyeing talent within Paytm amid its current challenges. However, the company's reputation for offering salaries well above industry norms means that many potential candidates are being priced out of the talent market. Industry insiders and executives from recruitment services and search firms have noted that Paytm's generous compensation packages are difficult for other companies to match.
Fintech firms see opportunity to hire Paytm talent
According to executives at recruitment services firms, Paytm’s competitors are keen on hiring employees in tech and sales teams and have started sending feelers. However, there are few takers for the legal and compliance professionals, especially at the senior and mid levels, they said. While several fintech industry insiders corroborated this, companies on record denied actively seeking Paytm talent.
RBI’s major blow to Paytm; IT fresher hiring at record low
The Reserve Bank of India dealt Patym a severe blow, barring the listed fintech’s payment bank from offering banking services after February. This and more in today’s ETtech Morning Dispatch.
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