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Paytm to invest Rs 500 cr in tech startups to drive innovation, create jobs

The company said it expects to employ technology across the growing internet to become the dominant player in AI.

Press Trust of India  |  New Delhi 

Paytm to invest Rs 500 cr in tech startups to drive innovation, create jobs

Digital payments firm on Monday said it plans to invest Rs 500 crore in early stage startups that build complementary technologies augmenting the digital ecosystem.

The company will focus on artificial intelligence-based technology and big data solutions for new innovations that can generate large scale

"The company has set aside Rs 500 crore to invest in early-stage that build complementary technologies augmenting the digital ecosystem," said in a statement.

The company said it expects to employ technology across the growing internet to become the dominant player in AI.

"We are well aligned with our country's mission to ensure the benefits of the digital revolution reach the last mile. We partner with startups who have capabilities that augment the digital ecosystem for the next wave of growth.

"These investments are also an indication that believes India's entrepreneur ecosystem is innovative and is growing well," Paytm Deputy Chief Financial Officer Vikas Garg said.

The company typically invests Rs 200-250 crore every year in intellectual properties or building complementary technologies such as Insider, Nearbuy, Loginext, Ticket New, Hungerbox, Nightstay, QRQL, and RecruiterGrid, the statement said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, November 11 2019. 14:50 IST
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