In order to unite its workforce under one roof, the mobile payments and commerce platform Paytm has taken up 5.5 lakh square feet in Noida’s Sector 98. The lease would cost the company about Rs 70 to 80 crore.
Around 5,000 Paytm employees will be housed in two towers in Skymark earlier referred to as Lotus Isle. The buildings are located near Noida Expressway, and the employees will begin operating from this place gradually in December.
Paytm has also shifted its e-commerce division, travel business, and mutual funds from Noida to Bengaluru and for this purpose, they are looking forward to lease about 1.5 lakh square feet in the city of Bengaluru.
Paytm is backed by Alibaba and SoftBank. Back in 2018, the company had purchased a 10-acre land lot in Noida to construct their own office campus, but that project is yet to be executed.
Paytm has signed this new deal amidst this pandemic, especially when work-from-home concept has stepped in for safety reasons and just 25% to 50% of the employees of internet based startups are expected to work from physical offices throughout this year.
Justifying this deal, Paytm said that they would be surrendering the leases of 19 facilities spread across the nation, 16 of these are small regional sales offices.
We are yet to see how this acquisition works for Paytm!