PayU lays off 6% of its workforce

The Dutch payments company lays off its employees as the company reorganises locally

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According to a report by the Economic Times, payment service provider PayU has sacked 150 employees, or 6 per cent of its total workforce, in order to reorganise its team locally.

The layoffs at the Dutch company, affect a number of teams, primarily, PayU’s operations in India and Wimbo, a payment and security firm based in California that PayU purchased in 2019 for $70 million.

The company offers online 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 via 150 online payment methods, including Wallets, QR Codes, Net Banking, EMIs, BNPL, and more.

In October this year, PayU Payments reported a 51% rise in its revenue at ?2,130.3 crore for FY2022.

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