Digital payments company Paytm has purchased 10 acres of land in Noida in order to establish a new headquarter to accommodate its burgeoning staff.
An ET report states that Paytm chief operating officer Kiran Vasireddy confirmed that the company purchased land for 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.
The new headquarter is expected to accommodate more than 15,000 employees. It is also expected to be eco-friendly and energy-efficient.
As per the report, this is one of the largest real estate deals by an Indian consumer internet startup in recent times. The deal size of the plot is pegged at Rs 120 Cr-Rs 150 Cr based on the market price of Rs 12-15 Cr 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, which is the nodal body for managing Noida’s infrastructure.
Over the past eight years, the company, launched in 2010 by Vijay Shekhar Sharma, has grown into a full-fledged financial services entity, with about 20,000 employees. Of them, about 760 employees work out of Paytm’s present 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 revealed.
The digital payments player had $1.4 Bn from Japan’s SoftBank in May last year. Last month, the digital wallet company appointed Rama Subramaniam Gandhi, ex-Deputy Governor of Reserve Bank of India (RBI) as an advisor. He will advise the company on payment systems, corporate governance, compliance, and regulations.