Paytm to invest ₹100 crore in GIFT City
The Hindu
“Fintech firm One97 Communications, which owns Paytm brand, plans to invest ₹100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem,” the company said on January 10.
“Fintech firm One97 Communications, which owns Paytm brand, plans to invest ₹100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem,” the company said on January 10.
The company will make the investment over a period of time and will seek requisite approvals for the same.
"GIFT City is set to become a global financial hub, further putting India on the world map for innovation. The strategic investment in GIFT City represents a pivotal step towards building an Artificial Intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities. This will enable us to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale," One97 Communications Founder and CEO Vijay Shekhar Sharma said in a statement.
With GIFT city as an ideal innovation hub for cross-border activity, Paytm will use its proven capability to innovate and build new tech for users across the globe looking to invest in India.
Paytm also plans to set up a development centre in GIFT City to build the above solutions and provide a technology backbone.
"Furthermore, we intend to leverage this investment to establish a dedicated development centre," Mr. Sharma said.
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