PayU India shows pink slip to 150 employees

The Payments and fintech business of Prosus, PayU India, has laid off 150 people as the company reshuffles teams across some businesses. The layoffs mainly impacted PayU’s India unit and Wimbo, a payment security and mobile payment technology company it acquired in 2019.

A company spokesperson stated that it was important to ensure that PayU had the right structure and resources, and is nimble enough to respond to a fast-evolving fintech market and seize the opportunities, as the company focuses on creating a full stack digital financial services ecosystem in India.

The spokesperson said, “Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India...we will have (to) part ways with some of our colleagues. Close to 150 employees, which is less than 6 percent of our total employee strength, will be impacted by organisational realignment.”

PayU India’s fintech businesses include Wibmo, LazyPay and Citrus Pay. Prosus recently terminated its plans to acquire BillDesk by PayU Payments for $4.7 billion as the company said certain conditions precedent weren’t met by the deadline at the end of September.

Prosus serves more than 4,50,000 merchants with over 100 payment methods. It has been a long-term investor and operator in India investing in technology companies like Swiggy and Pharmeasy since 2005.