The Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, has signed a Memorandum of Understanding (MoU) with Paytm to foster innovation and accelerate the growth of manufacturing and fintech startups in India.
The DPIIT, in a statement, said 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 partnership offers infrastructure and market access support, enabling startups to test, validate, and refine their products while leveraging Paytm’s extensive merchant network, the Fintech company said.
As part of its Paytm for Startups initiative, Paytm will launch dedicated programmes to support fintech hardware manufacturers, such as Soundbox and PoS/EDC device makers, in scaling efficiently.
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.
Through its CSR arm, Paytm Foundation, the company is nurturing deep-tech startups in Climate Tech, Web3, Agritech, and Mobility.
Speaking on the development, Sanjiv Singh, Joint Secretary, DPIIT, emphasised the significance of this collaboration.
“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,” he stated.
Vijay Shekhar Sharma, Founder & CEO, Paytm, said, “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.”
The MoU was signed by Dr Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO, Paytm, in the presence of senior officials from both organisations.