New Delhi, Feb 26
The Department for Promotion of Industry and Internal Trade (DPIIT) and Paytm have signed an agreement to support manufacturing and fintech startups in India. This partnership aims to help startups innovate, grow, and scale by providing essential resources and mentorship.
Key Highlights of the Collaboration:
- Support for Startups: Paytm will offer mentorship, infrastructure, market access, and funding opportunities to help entrepreneurs develop cutting-edge payment and financial technology solutions.
- Fintech Hardware Focus: The initiative will assist hardware startups making devices like Soundbox and PoS/EDC machines with funding, regulatory guidance, and incubation programs.
- Regulatory Assistance: DPIIT and Paytm will organize workshops to help startups navigate government policies and compliance requirements.
- Market and Infrastructure Access: Startups will be able to test, validate, and refine their products using Paytm’s vast merchant network.
- Social Impact Initiatives: Through Paytm Foundation, the collaboration will also support deep-tech startups in Climate Tech, Web3, Agritech, and Mobility.
Dr. Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO of Paytm, signed the agreement in the presence of senior officials.
Sanjiv, Joint Secretary, DPIIT, stated that this partnership will strengthen India’s startup ecosystem by leveraging Paytm’s fintech expertise to help entrepreneurs overcome challenges and scale their businesses.
Vijay Shekhar Sharma emphasized that under Prime Minister Narendra Modi’s leadership, this is the best time for startups to launch and expand. He reaffirmed Paytm’s commitment to empowering entrepreneurs with mentorship, financial support, and access to advanced technology.
This initiative reinforces DPIIT and Paytm’s shared vision of making India a global innovation hub, fostering technological advancements, and driving economic growth.
(Source: PIB)
