PayTM ESOPs news - VSS

Paytm sets aside Rs 250 cr in ESOPs, hires more people

Digital payments platform Paytm will offer Rs 250 crore in employee stock ownership plans (Esops) and hire more than 500 people across multiple roles. The financial services company said in a statement late on Friday that it will offer the Esops this year between its high performing employees and new hires.

“This will widen the base of employees having company shares and will enable more people to become a stakeholder in the firm’s growth story,” the company said.

Paytm also said it would hire over 500 people for multiple roles in addition to its ongoing hiring practices across the critical product and technology functions.

Paytm, which is believed to have an estimated 5,000 employees, is expected to hire personnel primarily for its financial services business, which includes insurance, lending, and Paytm Money verticals.

“Paytm has a high-performance culture and follows a transparent process to evaluate and reward employees. We always ensure to provide ample growth opportunities and engage for feedbacks from time to time,” Rohit Thakur, chief human resources officer at Paytm, said in the statement.

He also said the company would not retrench employees who were at the lower end of its appraisal bell curve for at least two months.

“After analyzing the current scenario, Paytm has offered those employees to continue to be on the rolls… for another two months, and receive all payments for this extended period,” the statement said. Paytm is valued at about $16 billion following its last round of funding in November, led by US asset management behemoth T Rowe Price with participation from Ant Financial and Soft-Bank.

Published in Economic Times on April 18 | Source:
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