India, Sept. 3 -- US-based fintech company PayPal has handed the pink slip to about 220 of its employees based out of India as part of its global layoff exercise. Nearly 4% of its India workforce has been impacted by the exercise, a company spokesperson confirmed to Inc42.

"The recent staffing changes are part of our previously announced multi-year transformation to simplify our global operations, strengthen execution, and position the company for long-term growth," the spokesperson said.

The layoffs likely impacted roles in tech, engineering, operations, payments and finance across the company's offices in Chennai, Bengaluru and Hyderabad. Moneycontrol, which reported the development first, said around 600 employees across PayPal's Ind...