BENGALURU: One 97 Communications, parent of fintech firm Paytm, on Monday confirmed a “slight reduction” in its workforce as part of cost-cutting measures, without specifying a number of jobs.

A company spokesperson, however, denied recent media reports that have suggested the non-bank lender could cut more than 1,000 roles.

“We will be able to save 10-15% in employee costs as Artificial Intelligence (AI) has delivered more than we expected it to,” the spokesperson told Reuters.

India’s Paytm tumbles on plan to curtail low-value personal loans

Paytm is overhauling its operations in an attempt to achieve its first net profit since listing in November 2021.

During its fiscal year to end-March 2023, Paytm had an average of 32,798 directly employed staff and 1,589 contracted employees worldwide, across its various units, its annual report showed.