MUMBAI: One97Communications Ltd, the parent company of digital payment app Paytm, has fired thousands of employees in one shocking move reported on Sunday. The sudden move happened after the company started getting dividends from employing AI technology in certain tasks.

The company is trying new means to acclimatize with the currently trending AI technology which will henceforth carry multiple tasks and operations. The parent company of the payment app also believes that AI-powered automation produces far better efficiency in work. This could also help the company to reduce the workforce and use AI to fill the void, which will cut costs immensely. This has now resulted in a slight reduction of employees from the firm which is expected to save 10-15 per cent on employee costs.

This is not the first time that Paytm has fired so many people. In 2021, the company had fired 500 to 700 people based on performance level. However, the company is reportedly aiming to increase its workforce to 15,000 in the coming years.

Meanwhile, the company has always been forthright in its approach and is planning to lay off more employees who are non-performers and are engaged in mundane repetitive work, which AI can do with ease.