New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with Paytm (One97 Communications Ltd) to foster innovation and accelerate the growth of manufacturing and fintech startups in India, an official statement said on Wednesday.
As per the MoU, Paytm will provide mentorship, infrastructure support, market access, and funding opportunities to startups, helping them scale and innovate. The initiative is aimed at equipping entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions.
DPIIT said that 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. 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 statement said.
Sanjiv, Joint Secretary, DPIIT, emphasised the significance of the collaboration and stated, “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, Paytm, remarked, “Through this collaboration, we will ensure that startups receive the necessary tools to succeed from inception to growth.”
