<?xml version="1.0" encoding="UTF-8"?>
<!--REG30PARAB V1.0 (01-06-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Para_B_Of_Part_A_Of_Schedule_III/2026-04-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2026-04-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543396</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-26</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_VestingOfOptions"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543396</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-26</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:StageOfOptionsToPurchaseSecuritiesAsPerSubPara10OfParaBAxis">in-capmkt:VestingOfOptionsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">PAYTM</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">One 97 Communications Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">543396</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE982J01020</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Options to purchase securities ESOPS (Sub-para 10-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="MainI">2026-10-26</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfTheMeeting contextRef="MainI">19:42:00</in-capmkt:StartTimeOfTheMeeting><in-capmkt:EndTimeOfTheMeeting contextRef="MainI">19:50:00</in-capmkt:EndTimeOfTheMeeting><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">In Row No. 21 of "General Info" Sheet, the “Date of Board Meeting” has been mentioned as October 26, 2026, for validation purposes only. However, the grant of 1,93,072 stock options under ESOP 2019 was approved by the Nomination and Remuneration Committee at its meeting held on October 26, 2026.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-10-26</in-capmkt:DateOfReport><in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities contextRef="I_VestingOfOptions">Vesting of options</in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities><in-capmkt:BriefDetailsOfOptionsGranted contextRef="I_VestingOfOptions">1,93,072 Stock Options have been granted under ESOP 2019 as determined by the Committee.</in-capmkt:BriefDetailsOfOptionsGranted><in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021 contextRef="I_VestingOfOptions">true</in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021><in-capmkt:DetailsOfSharesCoveredByOptions contextRef="I_VestingOfOptions">193072</in-capmkt:DetailsOfSharesCoveredByOptions><in-capmkt:PricingFormulaForOptions contextRef="I_VestingOfOptions">Exercise Price is ₹ 9/- per stock option</in-capmkt:PricingFormulaForOptions><in-capmkt:DetailsOfOptionsVested contextRef="I_VestingOfOptions">Not Applicable</in-capmkt:DetailsOfOptionsVested><in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised contextRef="I_VestingOfOptions">Stock Options granted shall be capable of being exercised anytime during the entire period of continuous active employment from the date of vesting of the respective options.</in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised><in-capmkt:DetailsOfOptionsExercised contextRef="I_VestingOfOptions">Not Applicable</in-capmkt:DetailsOfOptionsExercised><in-capmkt:DetailsOfMoneyRealizedByExerciseOfOptions contextRef="I_VestingOfOptions">Not Applicable</in-capmkt:DetailsOfMoneyRealizedByExerciseOfOptions><in-capmkt:DetailsOfSharesArisingFromExerciseOfOptions contextRef="I_VestingOfOptions">Not Applicable</in-capmkt:DetailsOfSharesArisingFromExerciseOfOptions><in-capmkt:DetailsOfOptionsLapsed contextRef="I_VestingOfOptions">6,82,951 options lapsed in accordance with the terms and conditions of ESOP 2019.</in-capmkt:DetailsOfOptionsLapsed><in-capmkt:VariationInTermsOfOptions contextRef="I_VestingOfOptions">Not Applicable</in-capmkt:VariationInTermsOfOptions><in-capmkt:BriefDetailsOfSignificantTermsOfOptions contextRef="I_VestingOfOptions">The Scheme also provides for the manner in which Stock Options would be dealt with in case of death, permanent incapacity, resignation, termination, retirement, abandonment etc.

In case of any corporate action(s) such as rights issue, bonus issue, split or consolidation of equity shares, merger/ amalgamation or sale of division/ undertaking or other reorganization etc., requisite adjustments (which may include adjustments to the number of Stock Options in ESOP 2019) shall be appropriately made, in a fair and reasonable manner in accordance with ESOP 2019.

The equity shares allotted, pursuant to the exercise of the Stock Options, would not be subject to lock-in.</in-capmkt:BriefDetailsOfSignificantTermsOfOptions><in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions contextRef="I_VestingOfOptions">Not Applicable</in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions><in-capmkt:RemarksForWebsiteDisseminationForOptionsToPurchaseSecuritiesUnderSEBISBEBSchemeAsPerSubPara10OfParaB contextRef="MainI">This information is regarding the "Grant of stock options under One 97 Employees Stock Option Scheme 2019" whereby under "Options to Purchase Securities" sheet, "Vesting of options" has been selected in Row 8 under the head "Stage of Disclosure" for validation purpose only. &lt;br /&gt; 
 &lt;br /&gt; 
Under Row 21 of the “Options to Purchase Securities” sheet, we are unable to enter the details of the cancelled options. A total of 1,170 options were cancelled.  </in-capmkt:RemarksForWebsiteDisseminationForOptionsToPurchaseSecuritiesUnderSEBISBEBSchemeAsPerSubPara10OfParaB></xbrli:xbrl>
