150 workers lose their jobs as PayU fires 6% of its staff: Report
- ByStartupStory | December 26, 2022
According to an Economic Times report, payment service provider PayU has sacked 150 employees, or 6% of its total employment, in order to reorganize its team locally. The layoffs at the Dutch company, which affect a number of teams, mostly affect PayU’s operations in India and Wimbo, a payment and security firm based in California that PayU leased in 2019 for $70 million.
Prosus, a global consumer internet firm and one of the biggest technology investors in the world, operates PayU, its payments and fintech division. Majority-owned by South African multinational investment Naspers, Prosus is listed on both the Johannesburg Stock Exchange and Euronext Amsterdam as its primary and secondary markets. Citrus and LazyPay are among its further financial endeavors.
PayU named Arvind Agarwal as its new chief financial officer earlier this month. Agarwal joined PayU following a productive tenure at Nykaa. Arvind spent three years as an Amazon business controller and leader of financial planning and analysis before joining Nykaa in 2020.
The Reserve Bank of India regulates PayU, and it offers cutting-edge solutions to address the country’s market’s needs for digital payments.
The business offers internet businesses payment gateway solutions. One of the top payment gateways in India, it has helped 4.5 lakh companies, including well-known corporations, massive e-commerce companies, and SMBs. It enables companies to accept digital payments using 150 online payment options, including Wallets, QR Codes, Net Banking, EMIs, BNPL, and more.
PayU Payments announced a 51% increase in revenue for FY2022, coming in at 2,130.3 crore, in October of this year.
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