Paytm throws lifeline to Snapdeal, Stayzilla ex-staffers
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New Delhi: With hundreds of employees being handed out pink slips by companies such as Snapdeal and Stayzilla, Paytm is walking into the ring by offering generous job offers to laid-off staffers.
Paytm founder and CEO Vijay Shekhar Sharma tweeted: “Hello, Tech/Product people in Delhi NCR, feeling heat of business restructuring? We welcome you @Paytm and @Paytm-Mall with open arms.” While the tweet did not mention any names, it may be noted that last week Softbank-backed e-commerce firm Snapdeal announced laying off 500-600 employees across verticals while homestay-booking platform Stayzilla shut shop.
Also Read | Snapdeal plans layoffs amid bid to conserve cash
Snapdeal co-founder Kunal Bahl admitted to having made mistakes in growing much before it could figure out the right economic model. Struggling to raise fresh capital, Snapdeal will stop all non-core activities, reduce costs drastically and cut down staff strength to turn profitable.
Similarly, the Chennai-based online hotel room aggregator Stayzilla also decided to wrap up operations because of intense competition in the market. On the other hand, mobile wallet firm Paytm has seen a significant growth in business after the government’s move to demonetise high-denomination notes. The company, which is slated to launch its payments bank soon, is hiring aggressively across its areas