One97 Communications Limited, the parent company of Indian digital payment giant Paytm, has said it plans to infuse ₹100 crore into the Gujarat International Finance Tec-City (GIFT City).
What Happened: The company said in a regulatory filing the investment aims to establish an AI-driven cross-border remittance system and an innovation center. Subject to necessary approvals, this proposed investment is expected to be deployed gradually, with the aim of creating a global financial ecosystem.
Vijay Shekhar Sharma, CEO of Paytm, expressed his optimism for GIFT City, seeing it as an emerging global financial hub that would further position India on the global 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,” Sharma said.
He added that the payments firm aims to build on this investment to establish a dedicated development centre.
The GIFT City project was initiated by the Government of Gujarat to create a world-class financial and technology hub that would rival other international financial centers.
GIFT City is designated as a Special Economic Zone, providing various tax incentives and regulatory relaxations to businesses operating within its premises. This could spur economic activity in the region and attract more domestic and global companies to the region.
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