Paytm cashes in big time on Snapdeal and Stayzilla lay-offs, offers generous job offers

With leading e-tailing giants such as Snapdeal and Stayzilla laying off hundreds of employees as part of their ongoing organisation restructuring drive , rival e-commerce firm Paytm is making most of this by offering generous job offers to laid-off staffers.

Paytm founder and CEO Vijay Shekhar Sharma tweeted: "Hello, Tech/Product people in Delhi NCR, feeling heat of business restructuring? We welcome you @Paytm and @Paytm-Mall with open arms."

While the tweet did not mention any names, it may be noted that last week Softbank-backed e-commerce firm Snapdeal announced laying off 500-600 employees across verticals while homestay-booking platform Stayzilla shut shop.

Snapdeal co-founder Kunal Bahl admitted to having made mistakes in growing much before it could figure out the right economic model.

Struggling to raise fresh capital, Snapdeal will stop all non-core activities, reduce costs drastically and cut down staff strength to turn profitable.

Similarly, the Chennai-based online hotel room aggregator Stayzilla also decided to wrap up operations because of intense competition in the market.

On the other hand, mobile wallet firm Paytm has seen a significant growth in business after the government's move to demonetise high-denomination notes.

The company, which is slated to launch its payments bank soon, is hiring aggressively across its areas.