One97 Communications Limited, which owns payments major Paytm, is building a dedicated campus in Sector 137 Noida Expressway, Uttar Pradesh, to keep pace with its growth. The dedicated campus would serve as the hub for the company to grow its operations while creating thousands of new jobs. The company estimates the new campus will house more than 15,000 employees.
Spread across 10 acres of land, Paytm's headquarters would be the hub for its increased scale of operation.
Over the last year, Paytm has diversified into multiple financial services, including insurance, mutual funds, and investment, and lending among others. In November last year, the company announced its foray into lending with the launch of Paytm ICICI Bank Postpaid, and interest-free, short-term digital credit product.
Paytm is also planning to strengthen its foray into the lending space under the leadership of Nitin Misra. Around January Paytm also announced the launch of its direct mutual funds platform, Paytm Money. Paytm has appointed payments veteran Pravin Jadhav as Senior Vice President to overlook the venture.
In January, the company also announced a new joint venture with Chinese gaming and entertainment company AGTech Holdings Limited, to launch GamePind. AGTech holds 45 percent stake in the joint venture, while Paytm owns 55 percent stake. GamePind is an innovative mobile platform that offers a host of popular social and casual games. The new venture was envisaged to increase stickiness to the Paytm app through releasing interesting gaming content.
Later in February, news reports said Paytm had registered two insurance entities - Paytm Life Insurance Ltd and Paytm General Insurance Ltd - with the Registrar of Companies (RoC). All these business verticals and companies are housed under Paytm’s parent brand, One97 Communications.
Paytm was one of the biggest beneficiaries of the demonetisation of high-value currency notes in the country in November 2016. At present, Paytm claims to be powering a payments network of over 8 million offline merchant partners who accept payments through the Paytm QR.
Recently, the company announced it had touched an annual run rate of 5 billion transactions and $50 billion Gross Transaction Value. Since January 2018, Paytm claims to have processed over 400 million BHIM UPI transactions. Last month, the company said that it had reached volumes of 92 million UPI transactions.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.