The latest is PayU India, the payments and fintech business of Prosus, which has eliminated around 150 positions within the company—around six percent of its workforce—as part of its organisational realignment, according to a report.
According to The Economic Times, PayU undertook these layoffs across various teams and the major impact was felt on Wibmo, the digital payment security and mobile payment technology firm. PayU acquired Wibmo in 2019 for $70 million.
Quoting PayU’s spokesperson, the report said the realignment of the teams was part of the company’s strategic priorities and there are no plans for any major downsizing.
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