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Corporate News
10-Jan-24
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One97 Communications to invest Rs 100 cr in GIFT City
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One97 Communications (OCL) that owns the brand Paytm, India's leading payments and financial services company and the pioneer of QR, soundbox and mobile payments, today announced an investment of Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to
build a global financial ecosystem, ahead of the Vibrant Gujarat Global Summit 2024, in Gandhinagar.
The company will make the investment over a period of time and will seek requisite approvals for the same. 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. As the pioneer of real-time payments and settlements in India, the company will replicate its success
to now reduce friction in cross-border remittances with faster and cost-effective solutions, driven by Artificial Intelligence.
Leveraging its leadership as a tech innovator, Paytm will also set up a development centre in GIFT City to build the above solutions and provide a technology backbone. This centre will create jobs and house engineers to develop a suite of world-class financial products and services.
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