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Paisabazaar terminates over 1,500 employees


Bengaluru: Paisabazaar, part of Softbank Group-backed PolicyBazaar, has terminated more than 1,500 employees to cut down costs as the digital lending industry continues to be under heavy pressure of covid-19, according to a report published in MINT.


The employees reduction, that constitute almost half of its 3,000-plus workforce, have been predominantly in roles involving operations and business acquisition as the lending marketplace has seen demand for new loans fall by almost 90%. Report says quoting unnamed source that one month notice has been served on such employees.


Paisabazaar is not the only lending company that has laid off its employees. In May, Bengaluru-based fintech lender, Lendingkart, said it has laid off 30% of its workforce, impacting 200 employees.