MeitY Startup Hub, Paytm ink deal to support deep-tech startups

The Ministry of Electronics and IT (MeitY) and homegrown fintech giant Paytm on Thursday signed a deal to help scale Indian startups in the deep-tech space.

The two entities will help deep-tech startups focused on artificial intelligence, machine learning, cloud computing, etc., scale by providing them access to knowledge resources, mentorship opportunities, go-to-market assistance, tech assistance, and roping in resources from a larger community of stakeholders.

They will also help startups enrolled in the programme access incubators, accelerators, and investors; offer a 'startup toolkit' that will include solutions for payments, distribution, and growth challenges; provide mentorship through a 'Unicorn talk' series, and provide subsidised payment gateway services.

"MeitY Startup Hub, through its association with Paytm, aims to build a strong deep-tech startup ecosystem by providing support for the path-breaking, solution-oriented innovators," said Dr AK Garg, Senior Director of Innovation and IPR Division at MeitY.

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"Paytm’s entrepreneurial DNA, strong focus on responsible scaling, futuristic product-orientation, and deep-tech in-house expertise represents a combination of resources and a conducive environment for Indian startups to learn, grow, and scale the heights of success globally," he added.

Tech startups in India have captured investor eyeballs around the world with their innovations, particularly in the SaaS and app space. Particularly in deep-tech, Indian startups have generated a lot of foreign interest to the extent of landing landmark acquisitions and deals.

Paytm — one of India's leading fintech players and a unicorn company soon headed for an initial public offering — has often been at the forefront of supporting homegrown startups through initiatives such as mini-apps and direct investing.

"Paytm’s partnership with MeitY Startup Hub (MSH) will bring numerous benefits for the Indian startup ecosystem. It will aid India’s startups by providing them access to mentorship, networking, and business opportunities. We believe the collaborative approach will prove truly beneficial for India’s startups," said Praveen Sharma, Senior Vice President of Paytm, in a press release.