Digital payments company Paytm has purchased 10 acres of land in Noida to establish a new headquarters to accommodate its swelling staff, in one of the largest real estate deals by an Indian consumer internet startup in recent times.
Property consultants peg the deal size at Rs 120-150 crore, based on the market price of Rs 12-15 crore an acre at Sector 137 off Noida Expressway where Paytm has bought the land.
The price could be slightly cheaper, however, as Paytm owner One97 Communications purchased the land directly from Noida Authority, the property consultants said, declining to be identified. The authority is the nodal body for managing Noidas infrastructure.
Paytm chief operating officer Kiran Vasireddy confirmed that the company purchased land for a new headquarters without disclosing financial and other details.
In addition to providing a platform for scaling up operations, this new facility would help us attract and engage the best talent in the country, Vasireddy said in an email reply to ET. Paytms new headquarters is expected to accommodate more than 15,000 employees.
The company, launched in 2010 by Vijay Shekhar Sharma, has over the past eight years grown into a full-fledged financial services entity, with about 20,000 employees. Of them, about 760 employees work out of Paytms present 48,000 sq.ft. head office in Noida, and the remaining out of other offices in Delhi-NCR, Mumbai, Bengaluru, Chennai and Kolkata.
We have around 20,000 employees working with Paytm, including our agent network. We are adding around 10,000 employees every year to support our growth targets, Vasireddy said, adding that Paytms new campus will be eco-friendly and energy-efficient.
Paytm, which raised $1.4 billion from Japans SoftBank in May last year, may not have to pay the entire purchase amount upfront, according to the property consultants mentioned earlier.