Paytm and DPIIT collaborate to promote innovation and scale. India’s ecosystem of financial startups and manufacturing

The Government of India’s Department for Promotion of Industry and Internal Trade (DPIIT) has entered into a Memorandum of Understanding (MoU) with Paytm (One97 Communications Limited) to enhance innovation and boost the development of manufacturing and fintech startups in India.

In this collaboration, Paytm will offer mentorship, infrastructure backing, market entry, and funding prospects to startups, aiding them in their growth and innovation efforts. This project seeks to provide entrepreneurs with vital resources, improving their capacity to create innovative payment and financial technology solutions.

As per DPIIT, the collaboration seeks to assist fintech hardware startups by providing mentorship and innovation support, aiding them in creating and expanding payment and financial technology solutions. It additionally emphasizes support for regulatory and compliance by holding workshops and offering guidance in partnership with industry and governmental organizations. Furthermore, the collaboration provides infrastructure and market access assistance, allowing startups to test, validate, and enhance their products by utilizing Paytm’s vast merchant network.

The MoU was executed by Dr. Sumeet Kumar Jarangal, Director of DPIIT, and Vijay Shekhar Sharma, Founder and CEO of Paytm, with senior officials from both organizations present.

Mr. Sanjiv, Joint Secretary, DPIIT, emphasized the significance of this collaboration, 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.”

Vijay Shekhar Sharma, Founder & CEO, Paytm, remarked, “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.”

In its Paytm for Startups initiative, Paytm will introduce specialized programs aimed at assisting fintech hardware producers, including Soundbox and PoS/EDC device manufacturers, to scale effectively. These efforts feature mentorship programs, funding access via investor networks and incubation schemes, regulatory guidance with workshops focused on the industry, along with regular tracking and impact evaluations. Moreover, via its CSR division, Paytm Foundation, the firm is supporting deep-tech startups in Climate Tech, Web3, Agritech, and Mobility.

Through this partnership, DPIIT and Paytm reinforce their dedication to establishing India as a worldwide center for innovation, promoting technological progress, and stimulating economic development.