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PayU<\/a> India, the payments and fintech business of Prosus, has fired 150 people, which is approximately 6% of its workforce, as the firm realigns teams locally, ET has learnt.
Prosus, the investment arm of South African multinational Naspers, is among the largest backers of Indian new-age internet<\/a> companies including Swiggy<\/a>, Byju’s<\/a>, Meesho<\/a>, among many others.
A person aware of the matter said the layoffs are spread across various teams and mainly impacted PayU<\/a> India’s unit, Wibmo, a digital payment security and mobile payment technology firm it acquired in 2019 for $70 million.
PayU India's fintech businesses include Wibmo, LazyPay<\/a> and Citrus Pay<\/a>.
“Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India,” a spokesperson for PayU said, confirming the development. “…we will have (to) part ways with some of our colleagues. Close to 150 employees, which is less than 6% of our total employee strength, will be impacted from organisational realignment.”
The spokesperson said that, as the company focuses on creating a full-stack digital financial services ecosystem in India, it was important to ensure that PayU had “the right structure and resources in place and is nimble enough to respond to a fast-evolving fintech market and seize the opportunities it presents.”
The company did not have “any plans for any major downsizing”, the spokesperson added.
In October, Prosus terminated its $4.7 billion acquisition of online payments gateway firm BillDesk by PayU Payments. The firm’s decision to pull out of the deal came barely a month after India’s anti-trust regulator – Competition Commission of India<\/a> (CCI) – had approved the contours of the deal that was first announced in August 2021. The merger was expected to create an online payments gateway juggernaut that would process $147 billion in annualised total payments value (TPV), almost twice that of its nearest contender Razorpay, which processes $80 billion in annual TPV.
Earlier this year, the Reserve Bank of India ordered that prepaid payment instruments (PPIs) should not be loaded with credit lines. This had caused PayU India’s lending arm LazyPay<\/a> to make changes in its business model around its card offering, LazyCard. In July, ET reported that LazyPay had to suspend its buy-now-pay-later (BNPL) payment product LazyPlus UPI<\/a>, amid rising regulatory scrutiny of card-based credit fintech firms.
For financial year 2021-22, PayU Payments reported an over 50% year-on-year jump in consolidated revenue to Rs 2,130.2 crore. It also clocked in net profit of Rs 125.8 crore during the year. As for the year ended March 31, 2021, the company had reported Rs 1,415.67 crore in consolidated revenue, with net losses of Rs 114.6 crore.
Recently, Nykaa’s former finance chief Arvind Agarwal joined PayU India as its chief financial officer. India is PayU’s largest market. This year, on account of a slump in venture funding, several startups including those in the fintech space have undertaken layoffs to reduce costs. These include gold loans provider Rupeek, which fired around 200 employees in June and Tiger Global-backed digital ledger platform OkCredit<\/a>, which laid off 35-40 employees.
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150名员工失去工作PayU了6%的劳动力
一个人知道这件事表示,裁员是分布在各种团队和主要影响PayU印度的单位,数字支付安全和Wibmo移动支付技术公司在2019年以7000万美元收购。
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PayUProsus的支付和fintech业务,印度发射了150人,大约6%的员工,为公司团队在本地重新排列,获悉。
Prosus,南非跨国Naspers的投资机构,是印度新时代的最大支持者之一互联网公司包括Swiggy,Byju的,Meesho等疾病。
一个人知道这件事表示,裁员是分布在不同的团队和主要影响PayU印度的单位,Wibmo数字支付安全和移动支付技术公司在2019年以7000万美元收购。
印度fintech企业包括Wibmo PayULazyPay和柑橘支付。
“记住我们的最高战略重点,我们重新调整团队在一些企业在印度,“PayU发言人说,确认开发。“…我们将会与我们的一些同事()方法。接近150名员工,只有不到6%的总员工的力量,将会影响组织的调整。”
发言人说,该公司专注于创建一个完整的数字在印度金融服务的生态系统,是很重要的,以确保PayU有“正确的结构和足够的资源和足够灵活来应对迅速发展的fintech市场,抓住机遇它礼物。”
该公司没有任何重大裁员计划,该发言人补充说。
去年10月,Prosus终止其47亿美元收购在线支付网关公司BillDesk PayU支付。公司决定退出协议是印度反垄断监管机构——仅仅一个月后印度竞争委员会(CCI)已经批准了这笔交易的轮廓,2021年8月首次宣布。合并预计将创建一个在线支付网关的破坏力,将处理1470亿美元的年度支出总额(冠捷),近两倍,最接近的竞争者Razorpay流程每年800亿美元的冠捷。
今年早些时候,印度央行(Reserve Bank of India)要求预付支付工具(质子泵抑制剂)不应含有信贷额度。这引起了PayU印度的贷款机构LazyPay改变在其信用卡发行其商业模式,LazyCard。7月等报道,LazyPay不得不暂停(BNPL)支付产品LazyPlus冲击着UPI日益严格的监管审查,基于信用fintech公司。
PayU支付财政年度2021 - 22日公布合并营收同比增长超过50%。2 2130卢比。它还以净利润的125.8卢比。至于截至2021年3月31日,公司公布1415 .67卢比合并收入,净亏损114.6卢比。
最近,Nykaa前首席财务官Arvind Agarwal加入PayU印度作为其首席财务官。印度是PayU最大的市场。今年,由于风险投资下滑,一些初创公司包括fintech空间进行裁员以降低成本。这些包括黄金贷款提供者Rupeek,发射了约200名员工在6月和老虎Global-backed数字分类平台OkCredit,下岗员工35 - 40。
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