Paytm, DPIIT partner to support fintech startups with mentorship & funding

This support initiative is aimed at fostering innovation and accelerating the growth of manufacturing and fintech startups in India

One97 Communications Ltd, the parent company of Paytm has signed an agreement with the government under which it will provide mentorship, infrastructure support, market access, and funding opportunities to startups, reported PTI, citing officials from the company. 

 

According to the report, the Memorandum of Understanding (MoU) was signed by the Department for Promotion of Industry and Internal Trade (DPIIT) with Paytm. According to the commerce and industry ministry, this initiative aimed at fostering innovation and accelerating 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,” the ministry said. The MoU was signed by Sumeet Kumar Jarangal, director, DPIIT, and Vijay Shekhar Sharma, founder & CEO, Paytm, in the presence of senior officials.

   

The ministry further mentioned that this initiative aims to provide entrepreneurs with important resources to help them create advanced payment and financial technology solutions.

 

According to the DPIIT, the partnership will support fintech hardware startups by offering mentorship and innovation guidance, helping them grow and improve their payment and financial technology solutions.

 

“It also focuses on regulatory and compliance assistance by organising workshops and providing guidance in collaboration with industry and government bodies,” the ministry said.

 

Providing infra and market access to startups

 

The partnership also provides infrastructure and market access support, allowing startups to test, improve, and fine-tune their products using Paytm’s large merchant network. DPIIT Joint Secretary Sanjiv said, “By leveraging Paytm’s fintech expertise and infrastructure, we aim to support entrepreneurs in overcoming challenges, scaling their ventures.”

 

Sharma said Paytm is dedicated to helping entrepreneurs through mentorship, financial support, and access to advanced technology. As part of its Paytm for Startups initiative, the company will introduce special programmes 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,” it said. Earlier, the DPIIT signed similar agreements with various companies, including professional networking platform Apna, Rukam Capital, Avaana Capital, Bhaane Group, Flipkart and ITC.