The Department for Promotion of Industry and Internal Trade (DPIIT) has joined hands with Paytm (One97 Communications Limited) to foster innovation and accelerate the growth of manufacturing and fintech startups in India. The partnership, formalized through a Memorandum of Understanding (MoU), aims to provide mentorship, infrastructure support, market access, and funding opportunities to help startups scale efficiently.
Empowering Fintech and Manufacturing Startups
Through this collaboration, Paytm will leverage its fintech expertise and extensive merchant network to support startups in developing and refining cutting-edge payment and financial technology solutions. The initiative focuses on:
- Mentorship & Innovation Guidance: Supporting fintech hardware startups with hands-on mentorship to scale and innovate.
- Regulatory & Compliance Assistance: Organizing workshops and training programs in collaboration with industry and government bodies.
- Infrastructure & Market Access Support: Providing startups with access to testing environments, validation platforms, and distribution networks.
Strategic Vision for India’s Startup Ecosystem
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 organizations.
Sanjiv, Joint Secretary, DPIIT, highlighted the significance of this initiative, stating:
“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.”
Paytm’s Role in Scaling Startups
Under the Paytm for Startups initiative, the company will launch dedicated programs to support fintech hardware manufacturers, including Soundbox and PoS/EDC device makers. The initiative will provide:
- Investor connections and incubation support
- Regulatory guidance through industry-specific workshops
- Tracking and impact assessments to measure startup growth
Additionally, Paytm Foundation’s CSR efforts will focus on deep-tech startups in areas like Climate Tech, Web3, Agritech, and Mobility.
Also read: Paytm Cloud Expands to Brazil with $1M Investment
Strengthening India’s Position as a Global Innovation Hub
Speaking on the partnership, Vijay Shekhar Sharma, Founder & CEO of 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.”
With this strategic partnership, DPIIT and Paytm reaffirm their commitment to positioning India as a leader in technological innovation, fostering startup growth, and driving economic progress.
