Paytm to invest Rs 100 crore in GIFT City of Gujarat

New Delhi: Fintech firm One97 Communications, which owns Paytm brand, plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem, the company said on Wednesday.

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," Sharma said.

The centre will create jobs and house engineers to develop a suite of world-class financial products and services, the statement said.