Paytm plans to invest Rs 100 crore in Gift City
Business Desk: Fintech company One97 Communications plans to invest Rs 100 crore in Gujarat International Finance Tech-City (GIFT City) to create a global financial ecosystem. The company gave this information on Wednesday. One97 Communications owns Paytm. The company will invest in a fixed period and will seek requisite approvals for the same.
Paytm insider: Vijay Shekhar Sharma, Founder and CEO, of One97 Communications, said in a statement, “GIFT City is poised to become a global financial hub that will ensure India’s presence on the global map of innovation. The strategic investment in GIFT City represents an important step towards building an AI-powered cross-border remittance and payments technology landscape offering global opportunities…” an ideal for cross-border activity, according to the statement. With GIFT City as the ‘Innovation Hub’, Paytm will leverage its proven ability to invent and create new technology for users across the world looking to invest in India.
Paytm also plans to set up a development center in GIFT City to provide new solutions and a technology base. “Furthermore, we intend to leverage this investment to set up a dedicated development Centre,” Sharma said, adding that the center will create jobs.