Govt inks pact with Paytm for mentorship, funding opportunities for startups
This initiative aims to equip entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions.
The government has inked an agreement with (One97 Communications Ltd) under which the company would provide mentorship, infrastructure support, market access, and funding opportunities to startups, an official statement said on Wednesday.
The Memorandum of Understanding (MoU) was signed by the Department for Promotion of Industry and Internal Trade (DPIIT) with Paytm to foster innovation and accelerate the growth of manufacturing and fintech startups in India, the commerce and industry ministry said.
"As part of this collaboration, Paytm will provide mentorship, infrastructure support, market access, and funding opportunities to startups, helping them scale and innovate," it added.
This initiative, it said, aims to equip entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions.
According to the 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 organising workshops and providing guidance in collaboration with industry and government bodies," the ministry said.
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.
The MoU was signed by Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO, Paytm, in the presence of senior officials.
DPIIT Joint Secretary Sanjiv said, "By leveraging Paytm's fintech expertise and infrastructure, we aim to support entrepreneurs in overcoming challenges, scaling their ventures".
Sharma said that Paytm is committed to empowering entrepreneurs through mentorship, financial support, and access to cutting-edge technology.
As part of its Paytm for Startups initiative, the company will launch dedicated programs to support fintech hardware manufacturers.
"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," it said.
The DPIIT has earlier signed similar pacts with several firms including professional networking platform Apna; Rukam Capital, Avaana Capital, Bhaane Group, Flipkart, and ITC.