The Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, has signed a Memorandum of Understanding (MoU) with Paytm (One97 Communications Limited) to foster innovation and accelerate the growth of manufacturing and fintech startups in India.
As part of this collaboration, Paytm will provide mentorship, infrastructure support, market access, and funding opportunities to startups, helping them scale and innovate. This initiative aims to equip entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions.
According to 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 organizing 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 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.
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, of 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.”
As part of its Paytm for Startups initiative, Paytm will launch dedicated programs 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. Additionally, through its CSR arm, Paytm Foundation, the company is nurturing deep-tech startups in Climate Tech, Web3, Agritech, and Mobility.
With this collaboration, DPIIT and Paytm reaffirm their commitment to positioning India as a global innovation hub, fostering technological advancements, and driving economic growth.
