Nearly 13,500 Employees Of Paytm, Byju’s Looking For New Jobs Amid Company Woes: Report

Even as companies Byju’s and Paytm are facing crises amid investor scrutiny and regulatory hurdles, their employees are looking for new jobs. The total number of employees seeking new jobs is about 13,500 — over 6,500 individuals from fintech firm Paytm and around 7,000 from edtech firm Byju’s, according to an ET report.

The report said Xpheno, a staffing company, has tied up with well-known job boards to reveal that many employees from Paytm and Byju’s are actively looking for new jobs.

On Wednesday, the Enforcement Directorate has begun an enquiry against Paytm. Finance Ministry officials told CNN-News18 that RBI had sent a reference to ED, post which an enquiry has been initiated.

In the latest development, CNN-News18 learned that ED has sought documents on Paytm from RBI and a decision on whether an ECIR can be registered will be taken after the scrutiny.

Earlier, One97 Communications, the parent arm of payments solutions firm Paytm, on February 4 clarified that the company or its related entities are not facing any investigation from the ED.

RBI on January 31 accused Paytm of ‘persistent non-compliances’ and barred Paytm Payments Bank from taking deposits, credits, or processing top-up transactions in its customer accounts.

Byju’s has also face multiple challenges. Amid a string of setbacks, Byju’s received a notice from the Enforcement Directorate (ED) in late November and is expected to pay a fine for alleged violations of foreign exchange laws.

Recently, BlackRock slashed the value of its holding in Byju’s to $1 billion from the $22 billion mark set in early 2022, according to a TechCrunch report citing disclosures made by the asset manager. In May 2023, BlackRock also cut its valuation to about $8.4 billion.