Financial service provider and digital payment platform, Paytm, has signed a new official deal in Noida to set up its biggest office campus till date. The company has taken up over 5.5 lakh square feet of space in 21st floor spread across two towers in Skymark (formerly known as Lotus Isle), located near Noida Expressway.
The annual rental cost that Paytm will be paying for this enormous space is estimated to be around Rs 70-80 crore, according to Times of India. The company plans to shift all its operations spread across Delhi NCR region including its headquarters to this new office by December.
This new Noida office has over 5,000 seats and the company has assured that this new office will follow all the social distancing norms as mandated by the Indian government.
Commenting about the new office campus, Narendra Kumar, Vice President – Paytm said, “Paytm is a dynamic firm that is expanding at a rapid scale. This new state-of-the-art facility will help us build the best financial services and technology for the citizens of our country.
Separately, the Softbank and Alibaba backed company is also planning to take up over 1.5 lakh square feet of office space in Bengaluru. This office will accommodate the team of Paytm Mall, Paytm Money, Paytm Travel and other business units.
Recently, Paytm had announced that it will be shifting the headquarters of its e-commerce unit – Paytm Mall – from Noida to IT city of Bengaluru.
Paytm’s decision to shift its substantial operation to a sprawling new office campus has come at a time when global economy is still grappling with pandemic crises. The company is also facing pressure on the business front, with its core business of UPI payment facing enormous challenge from Google Pay and Phonepe.