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<!--REG30 V1.0 (16-10-2025)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-08-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-08-31.xsd"/><xbrli:context id="OneI"><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="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543396</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-26</xbrli:startDate><xbrli:endDate>2026-10-26</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="I_FinancialYear1"><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:TurnoverForLastThreeFinancialYearsAxis">in-capmkt:FinancialYear1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="D_FinancialYear1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543396</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-26</xbrli:startDate><xbrli:endDate>2026-10-26</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:TurnoverForLastThreeFinancialYearsAxis">in-capmkt:FinancialYear1Member</xbrldi:explicitMember></xbrli:scenario></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:ScripCode contextRef="OneI">543396</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">One 97 Communications Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">PAYTM</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE982J01020</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-10-26</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">14:53:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="OneI">2026-10-26</in-capmkt:DateOfReport><in-capmkt:RemarksForWebsiteDissemination contextRef="OneI">1. The transaction does not require approval of the Board and Audit Committee. Accordingly, in row no. 18 of the  “Acquisition” sheet, the date of the Board meeting is mentioned as October 26, 2026, i.e. the date of approval of transaction, for validation purposes only. &lt;BR&gt; 
 &lt;BR&gt; 
2. Since the Company was incorporated on June 03, 2025, only the turnover for FY 2025–26 has been reported.  </in-capmkt:RemarksForWebsiteDissemination><in-capmkt:NameOfAcquirer contextRef="OneI">Paytm Cloud Technologies Limited ("PCTL")</in-capmkt:NameOfAcquirer><in-capmkt:RelationshipOfAcquirerWithTheListedEntity contextRef="OneD">Subsidiary</in-capmkt:RelationshipOfAcquirerWithTheListedEntity><in-capmkt:NameOfTheTargetEntity contextRef="OneI">Paytm Singapore Pte. Ltd. (“Paytm Singapore”)</in-capmkt:NameOfTheTargetEntity><in-capmkt:TurnoverOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-7">0</in-capmkt:TurnoverOfTargetEntity><in-capmkt:ProfitAfterTaxOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-5">-300000</in-capmkt:ProfitAfterTaxOfTargetEntity><in-capmkt:NetWorthOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-5">90900000</in-capmkt:NetWorthOfTargetEntity><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="OneD">true</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForAcquisitionEvent contextRef="OneI">2026-10-26</in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForAcquisitionEvent><in-capmkt:WhetherAcquisitionEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAcquisitionEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired><in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent contextRef="OneI">Paytm Singapore is a wholly owned subsidiary (“WOS”) of PCTL and a step down WOS of One 97 Communications Limited.</in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent><in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength><in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs contextRef="OneI">Payments and Financial services (apart from banking and Insurance), Information and technology support services.</in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs><in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity contextRef="OneI">The proposed investments by PCTL into Paytm Singapore is to fund working capital, investments and business expansion of Paytm Singapore.</in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition contextRef="OneD">NA</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition><in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches contextRef="OneD">false</in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches><in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition contextRef="OneI">Within next 12 months</in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition><in-capmkt:NatureOfConsiderationForAcquisitionEvent contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForAcquisitionEvent><in-capmkt:AmountOfCashConsiderationForAcquisitionEvent contextRef="OneD" unitRef="INR" decimals="-7">5000000000</in-capmkt:AmountOfCashConsiderationForAcquisitionEvent><in-capmkt:DetailsOfConsiderationForAcquisitionEvent contextRef="OneI">Cash consideration in lieu of issuance of equity shares</in-capmkt:DetailsOfConsiderationForAcquisitionEvent><in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired contextRef="OneD" unitRef="INR" decimals="-7">5000000000</in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired><in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer contextRef="OneI" unitRef="pure" decimals="INF">1</in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer><in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired contextRef="OneI">Paytm Singapore was incorporated on June 03, 2025. The principal business of Paytm Singapore is Payments and Financial services (apart from banking and Insurance), Information and technology support services.</in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired><in-capmkt:DateOfIncorporationForAcquisitionEvent contextRef="OneI">2025-06-03</in-capmkt:DateOfIncorporationForAcquisitionEvent><in-capmkt:DescriptionOfFinancialYear contextRef="I_FinancialYear1">2025-2026</in-capmkt:DescriptionOfFinancialYear><in-capmkt:Turnover contextRef="D_FinancialYear1" unitRef="INR" decimals="-7">0</in-capmkt:Turnover><in-capmkt:CountryInWhichTheAcquiredEntityHasPresence contextRef="OneI">Singapore</in-capmkt:CountryInWhichTheAcquiredEntityHasPresence></xbrli:xbrl>
