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The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with Paytm (One97 Communications Limited) to foster innovation and accelerate the growth of fintech and manufacturing startups in India.
According to DPIIT, this collaboration aims to provide essential support to entrepreneurs, enabling them to scale their businesses and strengthen India's position as a global leader in emerging financial technologies. Under this partnership, Paytm will offer mentorship, infrastructure support, market access, and funding opportunities, particularly for startups in the fintech hardware sector. The initiative is designed to equip entrepreneurs with key resources to develop cutting-edge payment and financial technology solutions. The collaboration between DPIIT and Paytm focuses mentorship and innovation support, regulatory and compliance assistance, infrastructure and market access support. The MoU was officially signed by Dr Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO, Paytm, in the presence of senior officials from both organizations. Speaking on the partnership, Sanjiv, Joint Secretary, DPIIT, stated, "This partnership with Paytm marks a crucial step in strengthening India's startup ecosystem. By leveraging Paytm's fintech expertise and infrastructure, we aim to support entrepreneurs in overcoming challenges, scaling their ventures, and contributing to India's emergence as a global innovation hub." Dr Sumeet Kumar Jarangal, Director, Startup India, emphasized DPIIT's commitment to integrating Paytm's resources into Startup India initiatives. He noted that this partnership would enhance the entrepreneurial landscape, allowing startups to innovate, expand, and establish a global presence. Expressing Paytm's dedication to supporting entrepreneurship, Vijay Shekhar Sharma, Founder & CEO, Paytm, said, "Under Prime Minister Narendra Modi's leadership, this is the best time for startups to launch and scale." He added, "Paytm is committed to empowering entrepreneurs through mentorship, financial support, and access to cutting-edge technology. Through this collaboration, we will ensure that startups receive the necessary tools to succeed from inception to growth." As part of its Paytm for Startups initiative, the company will introduce dedicated programs to support fintech hardware manufacturers, including Soundbox and PoS/EDC device makers, ensuring efficient scaling. These initiatives will include- mentorship programs for fintech hardware startups, access to funding through investor networks and incubation programs, regulatory guidance and industry-focused workshops, tracking and impact assessment through periodic progress reports. Additionally, through its CSR arm, Paytm Foundation, the company is nurturing deep-tech startups in Climate Tech, Web3, Agritech, and Mobility. (ANI)
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