DPIIT and Paytm join hands to drive innovation in manufacturing and fintech startup ecosystem
The initiative aims to equip entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions.
DPIIT and Paytm join hands to drive innovation in manufacturing and fintech startup ecosystem
The Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, has signed a Memorandum of Understanding (MoU) with Paytm (One97 Communications Limited) to foster innovation and accelerate the growth of manufacturing and fintech startups in India.
As part of this collaboration, Paytm will provide mentorship, infrastructure support, market access, and funding opportunities to startups, helping them scale and innovate.
This initiative aims to equip entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions.
The MoU was signed by Dr. Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO, Paytm, in the presence of senior officials from both organizations.
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According to DPIIT, the partnership aims to support fintech hardware startups through mentorship and innovation guidance, helping them develop and scale payment and financial technology solutions. It also focuses on regulatory and compliance assistance by organizing workshops and providing guidance in collaboration with industry and government bodies.
Additionally, the partnership offers infrastructure and market access support, enabling startups to test, validate, and refine their products while leveraging Paytm’s extensive merchant network.
As part of its Paytm for Startups initiative, Paytm will launch dedicated programs to support fintech hardware manufacturers, such as Soundbox and PoS/EDC device makers, in scaling efficiently.
These initiatives include mentorship programs, access to funding through investor connections and incubation programs, regulatory guidance with industry-focused workshops, and periodic tracking and impact assessments.
Additionally, through its CSR arm, Paytm Foundation, the company is nurturing deep-tech startups in Climate Tech, Web3, Agritech, and Mobility.
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