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Paytm To Invest Rs 100 Crore in GIFT City for AI-Driven Cross-Border Remittance and Innovation Development Center

Paytm will also set up a development centre in GIFT City to build the above solutions and provide a technology backbone

Paytm To Invest Rs 100 Crore in GIFT City for AI-Driven Cross-Border Remittance and Innovation Development Center
POSTED ON January 10, 2024 1:12 PM

One97 Communications Limited (OCL), the parent company of fintech Paytm, will invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City). The company will invest over some time and will seek requisite approvals for the same, it informed the exchanges. 

The fintech added that it will use its proven capability to innovate and build new tech for users across the globe looking to invest in India. It will replicate its capability to reduce friction in cross-border remittances with faster and cost-effective solutions, driven by Artificial Intelligence, the company added in a statement. 

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, it added. 

Vijay Shekhar Sharma, founder and CEO, said, "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. We are excited about GIFT City serving as an exemplary innovation hub for cross-border activities, enabling overseas investors the flexibility to maintain foreign currency accounts. Furthermore, we intend to leverage this investment to establish a dedicated development center." 

Paytm is actively investing in Artificial Intelligence to enhance its financial services. Recently Sharma launched a category II Alternate Investment Fund (AIF) ‘VSS Investments Fund’. The SEBI-approved AIF scheme has a total size of Rs 20 crore, with an additional Rs 10 crore available through a green shoe, resulting in a total corpus of Rs 30 crore.  

The fund will focus on supporting start-ups related to artificial intelligence and electric vehicles, particularly those incubated in India and dedicated to serving the needs of Indian consumers and businesses. 

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