One 97 Communications, parent of fintech firm Paytm, on Monday confirmed a “slight reduction” in its workforce as part of cost-cutting measures, without specifying a number of jobs.

A company spokesperson, however, denied recent media reports that have suggested the non-bank lender could cut more than 1,000 roles.

“We will be able to save 10-15% in employee costs as Artificial Intelligence (AI) has delivered more than we expected it to,” the spokesperson told Reuters.

Paytm is overhauling its operations in an attempt to achieve its first net profit since listing in November 2021.

During its fiscal year to end-March 2023, Paytm had an average of 32,798 directly employed staff and 1,589 contracted employees worldwide, across its various units, its annual report showed.