Nearly 13,500 Paytm, Byju’s employees seek new jobs amid company’s woes: report | Top Vip News

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

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

Also Read: Is Paytm Hiring Amid Crisis? The company claims to have great interest from top talent

On Wednesday, the Enforcement Directorate launched an investigation against Paytm. Finance Ministry officials told CNN-News18 that the RBI had sent a reference to ED, following which an investigation was launched.

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

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

On January 31, the RBI accused Paytm of “persistent defaults” and banned Paytm Payments Bank from accepting deposits, credits or processing top-up transactions on its customers’ accounts.

Byju has also faced multiple challenges. Amid a series 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.

BlackRock recently reduced the value of its stake 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 reduced its valuation to around $8.4 billion.