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Paytm’s parent, One97 Communications, reported a larger loss for the quarter ended March 31, 2024, and said it expected to reduce employee expenses. The company did not disclose a confirmed number of layoffs in the cited coverage. The quarterly loss widened year over year, but One97’s full-year FY2024 loss narrowed compared with FY2023.
What Paytm said about job cuts
In May 2024, One97 Communications said it expected annual staff costs to fall by $48 million to $60 million, as reported by TechCrunch. That was a cost-reduction forecast, not a confirmed layoff tally. The cited report does not establish how many employees, if any, were ultimately laid off.
How much did Paytm lose in Q4 FY2024?
For the quarter ended March 31, 2024, TechCrunch reported One97’s net loss at $66.1 million, compared with $20.11 million in the same quarter a year earlier. It reported revenue of $272.4 million, down about 3% from $280.4 million a year earlier. The same report noted a $27.2 million impairment related to One97’s investment in Paytm Payments Bank. These are the figures and currency reported by TechCrunch; they should not be mixed with rupee-denominated figures from another outlet as if they were a single accounting presentation.
Financial Express reported the quarter’s net loss as ₹550 crore and revenue from operations as ₹2,267 crore. Its labels and rupee units differ from TechCrunch’s dollar presentation.
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Why the quarterly loss widened—and what the RBI restricted
The loss came amid disruption associated with restrictions on Paytm Payments Bank, a banking entity distinct from One97’s broader platform business. On January 31, 2024, the Reserve Bank of India issued directions against the bank. In an update dated February 16, the RBI extended the relevant deadline to March 15, 2024.
From March 15, new deposits, credit transactions and top-ups were disallowed. Customers could still withdraw or use balances already available. Most banking services, including UPI services provided by the bank, could not be offered after the deadline, subject to the RBI’s allowance for transfers needed to withdraw or use available balances. The RBI’s notice describes the restrictions; it does not establish that the regulatory action alone caused all of One97’s reported loss. One97’s CEO, Vijay Shekhar Sharma, said in a shareholder letter that the company expected near-term effects on revenue and profitability from Q4 business disruptions, including the steady-state impact of pausing the PPBL wallet, as quoted by Financial Express.
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Q4 loss rose, but FY2024 loss narrowed
The quarterly and annual comparisons point in different directions. Financial Express reported One97’s net loss for FY2024 at ₹1,422.4 crore, compared with ₹1,776.5 crore in FY2023. Thus, the larger Q4 loss did not mean the full-year loss had widened year over year.
Sharma also said in the company’s annual shareholder letter that Paytm had transitioned its core payment business from Paytm Payments Bank to other partner banks. TechCrunch quoted him describing the move as reducing risk to the business model and creating potential long-term monetization opportunities around customer and merchant engagement. That statement was the company’s characterization of its transition, not a guarantee of future revenue.
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What changed after the 2024 clampdown
The later cancellation of Paytm Payments Bank’s licence was a separate event, not another name for the 2024 restrictions. One97’s FY2026 filing says the RBI cancelled the bank’s licence on April 24, 2026. In that filing, One97 said it had no exposure or material business arrangements with the bank and that the cancellation had no direct financial or operational impact on One97. Those are the company’s statements in its filing.
The same filing says One97 transferred its offline merchant business to its wholly owned subsidiary, Paytm Payments Services Limited, effective November 30, 2025, for ₹975 crore. The filing states that the transfer had no financial impact on the consolidated quarter or year ended March 31, 2026. This was a separate corporate transaction, not the 2024 bank restriction.
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