Updated: Feb 27, 2025 01:53:47pm
New Delhi, Feb 27 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, has entered into a strategic partnership with Paytm (One97 Communications Limited) through the signing of a Memorandum of Understanding (MoU) aimed at fostering innovation and accelerating growth in India’s manufacturing and fintech startup sectors.
This collaboration will enable Paytm to provide comprehensive support to startups through mentorship programs, infrastructure assistance, market access opportunities, and funding connections.
The initiative is designed to equip entrepreneurs with critical resources necessary to develop innovative payment and financial technology solutions.
According to DPIIT, the partnership will focus on multiple support mechanisms for fintech hardware startups.
These include specialised mentorship and innovation guidance to develop scalable payment and financial technology solutions, regulatory and compliance assistance through workshops conducted in collaboration with industry and government entities, and infrastructure and market access support that will allow startups to test and refine their products while utilising Paytm’s extensive merchant network.
The formal agreement was signed by Dr. Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO of Paytm, with senior officials from both organisations present at the ceremony.
Mr. Sanjiv, Joint Secretary, DPIIT, highlighted the importance of this initiative, stating: “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.”
Vijay Shekhar Sharma, Founder & CEO of Paytm, expressed optimism about the collaboration: “Under Prime Minister Narendra Modi’s leadership, this is the best time for startups to launch and scale.
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 implement dedicated programs specifically designed to support fintech hardware manufacturers, including Soundbox and PoS/EDC device makers, in achieving efficient scale.
These programs encompass structured mentorship, investor connections for funding access, regulatory guidance through industry-focused workshops, and systematic impact assessment.
Additionally, through the Paytm Foundation, the company is nurturing deep-tech startups in emerging sectors such as Climate Tech, Web3, Agritech, and Mobility.
This collaboration represents a significant commitment from both DPIIT and Paytm toward positioning India as a global innovation hub, advancing technological development, and driving sustainable economic growth in the country’s startup ecosystem.
(KNN Bureau)