your password has been reset successfully, Please login again.

Paytm to establish mega campus in Noida with a 10 acres land buy

The price could be slightly cheaper, however, as Paytm owner One97 Communications purchased the land directly from Noida Authority.
BY BEx Bureau
BusinessEx
Jul 27, 2018

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.

Please add your Comment
SIMILAR News
November 20, 2018
Through this investment, BillDesk will develop new product lines for its payments and loyalty busine ...More
By Vaishnavi Gupta
November 16, 2018
This acquisition will help FarEye to reinforced its growth plans to solve challenges for long-haul a ...More
By Vaishnavi Gupta
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta
October 30, 2018
With this deal, ZipGo will become the country's largest technology-driven, business-to-customer bus ...More
By Vaishnavi Gupta
October 29, 2018
For acquiring Red Hat, IBM will pay $190 per share in cash. ...More
By Vaishnavi Gupta