<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2022-12-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt-roles" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2022-12-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">543396</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-10</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">543396</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-10</xbrli:startDate><xbrli:endDate>2026-04-10</xbrli:endDate></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="OneI">ONE 97 COMMUNICATIONS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">PAYTM</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2026-04-10</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2025-12-22</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2025-12-22</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-04-10</in-capmkt:DateOfReport><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">Paytm Cloud Technologies Limited
(“PCTL”), a wholly owned subsidiary of One 97 Communications Limited (
“Company”), proposes to incorporate a wholly owned subsidiary company in Indonesia.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Transaction Completed</in-capmkt:ReasonForUpdate><in-capmkt:AmountOfTransactionCompleted contextRef="OneD" decimals="0" unitRef="INR">0</in-capmkt:AmountOfTransactionCompleted><in-capmkt:DateOfTransactionCompleted contextRef="OneI">2026-04-10</in-capmkt:DateOfTransactionCompleted><in-capmkt:PercentageOfTransactionCompleted contextRef="OneI" decimals="INF" unitRef="pure">1</in-capmkt:PercentageOfTransactionCompleted><in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate contextRef="OneI">Paytm Cloud Technologies Limited (“PCTL”), a wholly owned subsidiary (“WOS”) of the Company, and Paytm Singapore Pte. Ltd., a WOS of PCTL, have together, on April 10, 2026, incorporated a company  in Indonesia, namely, “PT PAYTM INDONESIA TEKNOLOGI” (“Paytm Indonesia”) and have subscribed to 15,00,000 equity shares of Indonesian Rupiah 10,000 each in Paytm Indonesia, for an aggregate subscription amount of Indonesian Rupiah 15 billion (equivalent to Indian Rupees Eight Crores Fifteen Lakh approximately).</in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate><in-capmkt:RemarksForWebsiteDisseminationForAnnouncementUpdate contextRef="OneI">In Row No. 11 we have mentioned 8,15,00,000 as amount of transaction completed for the purpose of validation only. However it represents Indonesian Rupiah 15 billion against the subscription of 15,00,000 equity shares of Indonesian Rupiah 10,000 each in Paytm Indonesia.</in-capmkt:RemarksForWebsiteDisseminationForAnnouncementUpdate></xbrli:xbrl>