Which dept got impacted at Paytm?

To all paytm folks and people having first hand knowledge of this matter: how true is the statement that the 1k layoffs are due to AI? or is it just a bs PR move to justify layoffs (like any other organisation)

Heard that Paytm is planning to layoff 10% of entire work force. Across all levels. Heard cases that folks who were hired at market premium less than 30 days ago are now being asked to leave the organisation. And the layoffs will be hidden under the guise of mid year appraisals. #PaytmKaro

There are news that massive layoffs are coming in Paytm. HR and Business Heads have been given targets - average 30% reduction expected across all teams. #bravenewworld

Hi Guys, The management at Paytm has informed around 30-40 % will be laid off in May end. I will be affected by Paytm layoffs as list is being prepared. Any referrals/leads for backend software Engineer(tech stack Scala,Kafka,SQL,AWS ) would be helpful as I had joined Paytm as fresher last year.Total experience will be 1 year in June.

- The labour ministry announced that Paytm will not recover the joining bonus from a former employee and will pay the notice period payment. - This decision followed a meeting between Paytm representatives and the regional labour commissioner in Bengaluru. - The resolution came after multiple ex-employees alleged forced termination and sought reinstatement. - Paytm attributed recent layoffs to AI-led automation, aiming for significant cost savings. - The company has faced regulatory challenges and financial losses, with its stock down over 25% year-to-date. Source: Inc42

Given what RBI has gone today is effectively shut down 60-70% of Paytm’s business, to survive, Paytm will end up doing mass layoffs of a scale that we haven’t seen before in India. And potentially with limited severance (not as generous as what swiggy or Big tech has been doing) What would this mean for the rest of job market? So much unemployment in high earning folks, limited new jobs, means very tough competition for each opening and extremely bad situation in terms of appraisals and hikes too.

Paytm folks here - Is this true?