The redundancies mainly impact PayU India’s unit Wibmo. Credit: Israel Andrade on Unsplash.

Online payment services provider PayU has axed approximately 6% of its workforce in India, reported The Economic Times. 

The move, which impacts 150 employees, is part of the payment firm’s efforts to realign teams locally. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

A source familiar with the development told the publication that the layoffs are spread across various teams and mainly impact PayU India’s unit Wibmo. 

PayU acquired Wibmo, a digital payment security and mobile payment technology firm, for $70m in 2019. 

The Netherland-based firm’s other Indian fintech businesses include LazyPay and Citrus Pay. 

“Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India,” a PayU spokesperson said in a statement. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“…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.”

According to the representative, as PayU focuses on developing a full-stack digital financial services ecosystem in India, it was important to ensure that it 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 firm, which is backed by Prosus, the investment arm of South African multinational Naspers, does not have any plans for “major downsizing”, the spokesperson noted. 

Earlier this month, PayU announced its expansion in the central American markets of Guatemala, Honduras, El Salvador and Costa Rica.