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PayPal, the US-based digital payments giant, has leased 1.65 lakh square feet space in Bengaluru’s RGA Tech Park as it looks to penetrate deeper into the fast-growing Indian market. The new premises, spread over three floors, can accommodate up to 2,000 employees.
PayPal has technology centres in Chennai and Bengaluru, spread over 4 lakh sq ft each, employing more than 1,700 engineers. This latest facility of 163,547 sq ft is spread over three floors of the building. PayPal already occupies the first three floors spread over 132,287 sq ft, which was leased in September 2017.
“Availability of talent, quality real estate, proximity to vendors, partners and customers are some of the major reasons why Paypal has chosen Bengaluru as its hub,” Raja Seetharaman, Co-founder and Director, Propstack, a real estate analytics firm, told BusinessLine .
The tech park also houses IT giant Unisys, which occupies an entire building of over 5 lakh sq ft, besides tech companies such as Hike and UTC Eco. PayPal will pay a rent of ₹55 per sq ft, which is slightly lower than the prevailing rate because this is an SEZ project, Seetharaman added. PayPal’s rental outgo will be around ₹90 lakh a month.
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