PaisaBazaar lays off over 1,500 employees to cut costs amid coronavis impact

Paisabazaar, an online marketplace for loans and credit cards has laid off around 1,500 employees due to the impact of COVID-19. The layoffs, 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%.

In an interview last month, Naveen Kukreja, chief executive and co-founder of Paisabazaar, said the lending marketplace, which liaises with several large lenders, has seen fresh origination of new loans drop to 10%-25% for partners.

With these layoffs, Paisabazaar joins the league for many other companies that announced significant layoffs in the last few months, such as Indiabulls group, ShareChat, Uber, Zomato, and Swiggy among others.