PayU Lays off 150 employees – 6% workforce

Payment service provider PayU has fired 150 staff, that is 6% of the company’s workforce to realign its team locally, according to a report by the Economic Times.

The layoffs at the Netherlands-based company are spread across teams and mainly impact PayU’s India unit and Wimbo–a California-based payment and security company that PayU acquired in 2019 for $70 million. PayU is the investment arm of South African multinational Naspers. Its other fintech businesses include Citrus and LazyPay.

Earlier, this month, Prosus-owned PayU appointed Arvind Agarwal as its new Chief Financial Officer. Agarwal joined PayU after a successful stint at Nykaa. Before joining Nykaa in 2020, Arvind worked as Financial Planning & Analysis Leader and Business Controller at Amazon for 3 years. In 2012 he joined Vodafone India where he spent more than 5 years as CFO and Financial Controller.

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