Paytm, the Mobile eCommerce platform based from Noida have today signed up a MoU with Madhya Pradesh government for initiating the work of a back-end center in Jabalpur. The deal agreements states that Paytm will invest an amount of Rs 20 Crore (approx $3 Million) for this center. The back-end center will be functional in Q1 2017. The center would provide job opportunities of 2000 people in the city.
Here is what the official tweet from Cheif Minister of Madhya Pradesh Mr Shivraj Singh Chouhan states :
In presence of CM @ChouhanShivraj, State Govt. & @Paytm signed an MOU today to start a Back-end Center in Jabalpur. pic.twitter.com/lkvPJMVDrS
— CMO Madhya Pradesh (@CMMadhyaPradesh) January 23, 2016
Paytm has been increasing their reach in India exponentially. They are also expected to start with banking operations after success of Paytm Wallet. While many startups are eyeing the hubs including Noida, Gurgaon, Hyderabad and Bangalore, this move from Paytm will now show startups an all new direction for investments in grade-b cities.
