‘Sooner or later…': Paytm founder sees impact of AI on jobs as ‘inevitable'; says artificial intelligence will also create new roles
founder Vijay Shekhar Sharma, who said AI will become part of routine business processes sooner rather than later.
Tired of too many ads? go ad free now
'Sooner or later we will have to start using AI as an employee or even as a CFO,' Sharma said at an AI-focused event in New Delhi.
He said AI will eventually perform most tasks currently done by humans, and stressed the need to build core products instead. Sharma also outlined a broader vision for the company — to move beyond its fintech roots and become an AI-first firm, according to an ET report.
Although AI will automate several human functions, Sharma said it will also create fresh roles in the workforce.
The remarks come at a time when Paytm's parent, One97 Communications, is undergoing job cuts. ET reported last month that the company had laid off an unspecified number of employees. The overall sales team headcount dropped by about 3,500 in the March 2024 quarter, taking the total to 36,521. This decline was largely linked to the Reserve Bank of India's restrictions on Paytm Payments Bank operations.
In the March quarter, Paytm posted a consolidated net loss of Rs 540 crore, compared with Rs 550 crore in the year-ago period.
In June, Paytm stood third in the UPI rankings with 1.27 billion transactions worth Rs 1.34 lakh crore — accounting for 6.9% of total volume and 5.6% of value. PhonePe remained in the lead with 8.55 billion transactions valued at Rs 11.99 lakh crore.
As part of its AI initiatives, Sharma announced a new passbook feature that would use Paytm's data to generate a rap song summarising monthly expenses. Though no launch date has been shared, Sharma said it would be made available to users soon.
Paytm had earlier partnered with US-based AI startup Perplexity to introduce AI-powered search capabilities in its app.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
an hour ago
- Economic Times
11 Chinese aircraft, seven naval vessels, one ship detected near Taiwan
(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online.
Hans India
an hour ago
- Hans India
Breaking barriers, building experiences
In the world of hospitality, few names evoke both warmth and authority like Niketa Sharma, the Managing Director of Keith Hospitality and the powerhouse behind several acclaimed Mumbai-based restaurants. A serial entrepreneur with a sharp eye for concept creation and a heart that beats for people-first leadership, Niketa has built not just spaces to dine—but places to feel. 'I actually wanted to be a journalist,' she says with a laugh, 'but destiny had different plans.' With an in Financial Accounting and a Master's in International Hospitality from Les Roches, Switzerland, she carved her own path into an industry traditionally dominated by men. 'When I walked into investor meetings early on, I was often the only woman in the room. But I learned to carry myself with confidence. When you know what you're negotiating, gender becomes secondary.' Over the last four years, she has grown from her first restaurant to managing six restaurants, three banquets, and an in-house catering arm—all spread across Mumbai. 'Before that, I was managing our family's sports and recreation business in Thane,' she says, crediting her solid foundation in hospitality to those early years. But what makes Niketa's ventures stand out is her emotional architecture. 'All my restaurants are feminine. They're filled with sunlight, greenery, soft crystal colors—it's about creating comfort,' she shares. 'You're not just serving food; you're creating moments of joy, a vibe that calms nerves, invites vulnerability, and celebrates life.' Her leadership style echoes the same ethos—empowering, collaborative, and deeply human. 'Every team member has the authority to make decisions. Even if something goes wrong, we fix it together. That's how you build confidence,' she explains. With a 350-strong team under her, including executive chefs, operations consultants, and marketers, she leads from both heart and head. Niketa's journey has also been shaped by failures. She candidly recalls shutting down her first salon venture after five years. 'I held on too long out of emotion and ego. But I learned that in business, you must detach. If it's not working, pull the plug. Let the balance sheet speak.' Beyond her businesses, Niketa is passionate about mentoring women entrepreneurs, helping them navigate the same hurdles she once faced. 'The myth that women are too emotional to make rational business decisions needs to end,' she asserts. 'Women are just as capable of making hard, pragmatic choices when needed.' From being a young 22-year-old stepping into boardrooms full of 50-year-old men, to now defining the future of hospitality in Mumbai, Niketa Sharma's journey is one of grace under fire—and success rooted in soul.
The Print
an hour ago
- The Print
Crop loans: Over Rs 42 crore disbursed to farmers in Rajasthan
Jaipur, Jul 12 (PTI) The Rajasthan government has disbursed over Rs 42,131 crore in interest-free short-term crop loans to more than 75 lakh farmers since the formation of the new government, said an official statement on Saturday. The cooperative department has also expanded its network, setting up over 600 new cooperative societies across the state by June 30, 2025, the statement said.
