Digital payments platform Paytm is planning to lay off more than 500 of its employees at mid and senior levels, as per the sources.

The company has been making the cuts in its workforce in the past few days in its four main sectors including KYC, O2O, retail, and transportation.

The sources aware of this development said, “Many state heads, including junior managers and team leads, have been asked to resign abruptly. The firm is offering two-month severance packages to those who are being fired.”

As per the sources, the company is making these cuts in order to reduce its expenses. States like Maharashtra, Gujarat, Rajasthan, Madhya Pradesh along with few other southern states saw major job cuts, however, more are expected across the country.

“We received calls from our immediate bosses saying that something isn’t right. Within hours, the human resource function called up and asked us to resign. We got a standard two months salary but asking abruptly to leave didn’t go well with us,” one of the employees told Entrackr.