 "Paytm to gradually shift Delhi-NCR ops to new Noida campus by end of 2020")
Financial services platform Paytm plans to shift all operations based in Delhi-NCR to a new campus in Uttar Pradesh's Noida city by the end of this year.
The company has taken up over 5.5 lakh square feet of space comprising of 21 floors spread across two towers in the newly set up office complex in Sector 98 Noida, the company said in a statement on Thursday.
"While we have time to move into our biggest campus, we are streamlining some of our real estate spread across India. We will not extend the leases of some of our offices as our colleagues will continue working from home," said Narendra Yadav, Vice President, Paytm.
Noida has been the headquarters of Paytm for over two decades now and the company is on-track to shift to the new premises by December this year.
The new campus will have over 5,000 seats and the company said it will follow all social distancing guidelines.
As it gradually shifts all operations into the new complex, the company has decided to give up the leases of a total of 19 facilities across the country, out of these 16 are small regional sales offices.
Paytm is also planning to take up over 1.5 lakh square feet of office space in Bengaluru as it expands operations and teams of Paytm Mall, Paytm Money, Paytm Travel and other business units.
The planned new campus will house Paytm's large engineering base the company is in the process of setting up.
"Consolidating our offices to one large campus would improve operational efficiency and further create synergies between various teams and processes," said Yadav.
E-commerce platform Paytm Mall, owned by Paytm Ecommerce Private Ltd, earlier this month announced to move its operations from Noida to Bengaluru and hire over 300 new members for product and technology roles.
The company also appointed Abhishek Rajan as chief operating officer (COO) who, during the last four years, has built and scaled up Paytm's Travel business driving large revenues for the company at a positive contribution margin.
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