TechCrunch
One 97 Communications, the parent company of India's leading digital payments platform Paytm, warned of job cuts Wednesday after reporting its consolidated net loss had widened to $66.1 million in the quarter ending March, compared to a loss of $20.11 million in the same quarter last year, as it grapples with a recent regulatory clampdown. Paytm, once the most valuable Indian startup, said in its earnings report that it expects reductions in employee costs and pare down its annualized expenses on people cost by $48 million to $60 million. For the full fiscal year 2024, Paytm's consolidated net loss stood at $170 million, down from $213 million in FY23.