US-based fintech company PayPal has laid off approximately 220 employees in India as part of a global workforce reduction exercise, impacting nearly 4% of its India staff, a company spokesperson confirmed to inc42.com. The layoffs affected roles across tech, engineering, operations, payments, and finance in Chennai, Bengaluru, and Hyderabad. This move is part of a broader plan to trim about 20% of PayPal’s global workforce, equating to roughly 4,760 jobs.
The layoffs were communicated to employees during a call on August 31, after which affected individuals had their access to company systems revoked, according to an impacted employee. The company spokesperson described the staffing changes as part of a multi-year transformation aimed at simplifying global operations, strengthening execution, and positioning PayPal for long-term growth. The exercise began in the Asia-Pacific region, including India, before extending to the US and Europe.
PayPal’s global restructuring aims to generate at least $1.5 billion in savings by lowering costs and focusing investments on areas with stronger growth potential. Earlier reports indicated that around 600 employees in India might be impacted, but the confirmed figure stands at 220. The layoffs reflect a broader trend among technology firms to streamline operations amid evolving market conditions and economic pressures.
The company’s phased workforce reduction is ongoing, with further job cuts expected in other regions following the initial Asia-Pacific round. PayPal’s global plan to reduce its headcount by about 20% was first reported earlier this year and remains a key part of its strategic overhaul.