Paytm, India’s Digital Payments Company has purchased land in Noida to establish a new headquarters to accomodate its staff. This deal is the largest real estate deal by a Indian Consumer Startup in recent times.
This 10 acre of land deal is done at approx INR 120-150 crore, based on the market price of INR 12-15 crore per acre at Sector 137, Noida Expressway.
The price could be little bit cheaper, but paytm’s parent company One97 Communications purchased the land directly from the Noida Authority, the property consultants said, ” The authority is the nodal body for managing Noida’s Infrastructure”.
Paytm COO Kiran Vasireddy confirmed that the company purchased land for a new headquarters without disclosing financial and other details. Vasireddy also said, “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”.
This new space will help the company to accommodate more than 15,000 employees. Paytm was launched in 2010 by Vijay Shekhar Sharma and became the largest digital payments company in just 8 years. Vasireddy also said, “Paytm already had 20,000 employees and Paytm is adding around 10,000 employees every year to support our growth targets”.
Paytm recently raised $1.4 billion from Japan’s Softbank in May last year, may not have to pay the entire purchase amount upfront, according to the property consultants mentioned earlier.