Paytm to invest Rs 100 cr in GIFT City

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. 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.