Paytm plans over ₹100 crore investment in GIFT City

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Paytm is planning to invest over ₹100 crore to set up a global payment development centre at GIFT City in Gujarat, Vijay Shekhar Sharma, founder and CEO of the company, said on Saturday.

“We are going to build a global payment development centre in GIFT City. We believe there is an opportunity to expand on global payments from here,” said Sharma who was in Gandhinagar to attend the “Infinity Forum 2.0” event organised by GIFT City and International Financial Services Authority (IFSCA).

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“We have set aside a large amount of investment. We are in talks. I can only say that given a choice we will be investing upward of ₹100 crore in GIFT City in a year,” he told media persons at the sidelines of the event. “By Vibrant Gujarat 2024 (to be held on January 10-12, 2024), we will come out with a formal commitment,” Sharma added.

The Paytm founder said that there are huge opportunities in GIFT City where services can be offered on a global scale.

“We are really excited about GIFT City’s plans to be a hub of fintech. We are going to come back to Gujarat with a serious investment plan,” Sharma said.