Indian Govt. Partners With Paytm To Foster Innovation And Growth Of Manufacturing And Fintech Startups

An official statement said that the Indian government has signed an MoU with Paytm (One97 Communications Ltd) under which the company would provide mentorship, infrastructure support, market access, and funding opportunities to startups, especially in the fintech and manufacturing sectors.

Also read: Kunal Shah Says You Need A Credit Score Of 750+ To Work At CRED (startuppedia.in)

The pact between DPIIT & Paytm

Signed by the Department for Promotion of Industry and Internal Trade (DPIIT), the agreement is supposed to foster innovation and speed up the growth of manufacturing and fintech startups in India, as stated by the Commerce and Industry Ministry.

"As part of this collaboration, Paytm will provide mentorship, infrastructure support, market access, and funding opportunities to startups, helping them scale and innovate," it mentioned.

According to the DPIIT, this initiative aims to equip entrepreneurs with essential resources while supporting fintech hardware startups to scale up.

"It also focuses on regulatory and compliance assistance by organising workshops and providing guidance in collaboration with industry and government bodies," the Ministry added.

Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO, Paytm signed the MoU in the presence of senior officials.

Sharma said Paytm is committed to empowering entrepreneurs through mentorship, financial support, and access to cutting-edge technology.

DPIIT Joint Secretary Sanjiv disclosed, "By leveraging Paytm's fintech expertise and infrastructure, we aim to support entrepreneurs in overcoming challenges, scaling their ventures".

As part of its ‘Paytm for Startups’ initiative, the company will introduce dedicated programs to support fintech hardware manufacturers.

"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," the Ministry said.

Incidentally, DPIIT has signed similar pacts with several firms including professional networking platform Apna; Flipkart, ITC, Rukam Capital, Avaana Capital, and Bhaane Group.

Also read: Delhi HC Orders Amazon To Pay ₹340 Cr To Lifestyle Equities For Trademark Infringement (startuppedia.in)