Digital payments major Paytm has begun restructuring its top management as it prepares for a listing in 2022. Separately, OLX India has laid off about 250 employees as it looks to focus on two of its key verticals.
Paytm restructures top brass
Digital payments major Paytm, which is eyeing a listing in 2022, has begun restructuring its top management, Entrackr reported.
In the latest reshuffle, Paytm has promoted its president Madhur Deora as the group’s chief financial officer (CFO). Meanwhile, Amit Nayyar, who looks after financial services including insurance, lending, and Paytm Money, has received the additional responsibility of mergers & acquisitions.
In August, Bhavesh Gupta had joined to lead Paytm’s lending business whereas Varun Shridhar was hired as the CEO of Paytm Money. According to the report, more executives at the top and leadership positions are expected to be given new roles.
OLX lays off 250 employees
Online classifieds portal OLX India has laid off about 250 employees as it looks to focus on two of its verticals — Cash my Car, which is a platform to sell cars, and recruitment marketplace Aasaanjobs, per media reports.
OLX has already decided to shut down its real estate and used goods verticals as part of a larger change in global strategy.
“As we continue to evolve to meet the market expectations and the needs of our customers, we’re shifting our strategy and focusing on key segments where we can offer more services and convenience,” OLX spokesperson said.