The digital payments operator is restructuring its business after Indian regulators targeted its banking affiliates two years ago.
issued Tuesday, June 9, 2026 · 02:19 PM
[DELHI] Indian fintech pioneer Paytm plans to hire around 4,000 people over the next nine months as part of a pivot aimed at expanding its merchant network and product offering powered by artificial intelligence.
This increase represents an approximately 10% increase in the number of employees, approximately 40,000. Paytm also plans to lay off 1 per cent of its workforce, or about 400 people, after the current performance review cycle, a company spokesperson said. This reduction follows an even larger reduction in the previous year.
The digital payments company is revamping its business after Indian regulators targeted its banking affiliates two years ago. CEO Vijay Shekhar Sharma is working to give the company’s hundreds of millions of registered users more services and access to loans, investments and other financial products.
The recruitment drive, including senior leadership roles, will continue until March 2027. Paytm will be based out of New Delhi and will be hiring across its product, technology and AI teams.
“We have added more than 800 people in the past two months and are hiring another 4,000,” the company said.
Paytm has bounced back from disruptions caused by India’s banking regulator, posting four consecutive quarters of profits and nearly shutting down its banking affiliates. The company has cut more than 4,500 jobs as a result of these restraint measures. In April, the Reserve Bank of India revoked the operating license of independent affiliate Paytm Payments Bank, forcing it to formally wind down its operations.
The banking affiliate has laid off most of its staff over the past two years, with some being absorbed elsewhere in the fintech group. The bank plans to lay off several hundred remaining employees as it closes.
Founded by Sharma in 2010, Paytm started by offering prepaid mobile recharges but quickly pivoted to digital payments and banking. The banknote ban at the end of 2016 gave the company an edge in India’s fintech space.
The company, which was once backed by SoftBank and Alibaba, made its stock market debut in 2021. The company’s stock has risen about 7% over the past year, but is still down more than 50% from its initial public offering price. bloomberg
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