In a bid to energize India’s entrepreneurial landscape, the Department for Promotion of Industry and Internal Trade (DPIIT) has inked a pact with digital payments giant Paytm (One97 Communications Limited). The collaboration, announced today, aims to provide a significant boost to startups operating in the manufacturing and financial technology (fintech) spaces.
Paytm has pledged to offer a suite of resources to selected startups, including expert mentoring, access to key infrastructure, pathways to expand their market reach, and opportunities for funding. The initiative seeks to empower entrepreneurs with the tools they need to create cutting-edge payment solutions and revolutionize the financial technology landscape.
A primary focus of the partnership will be supporting fintech companies developing innovative hardware solutions. Beyond financial backing, the collaboration will offer workshops on regulatory compliance and connect startups with valuable resources from both industry and government sources. Access to Paytm’s vast network of merchants will provide a critical testing ground for new products and services.
The agreement was formalized by Dr. Sumeet Kumar Jarangal, a Director at DPIIT, and Vijay Shekhar Sharma, the Founder and CEO of Paytm, in a ceremony attended by high-ranking officials from both organizations.
As part of its existing “Paytm for Startups” program, Paytm will launch specialized initiatives targeting companies that manufacture fintech hardware like Soundbox devices and point-of-sale systems. These programs will include mentorship, investor connections, incubation opportunities, workshops on navigating regulations, and ongoing performance evaluations. The Paytm Foundation, the company’s CSR arm, will also support deep-tech startups focused on areas like climate technology, Web3, agricultural technology, and advanced transportation solutions.
The alliance between DPIIT and Paytm represents a major commitment to fostering innovation and stimulating economic growth within India. By combining governmental support with Paytm’s technological prowess and extensive resources, this collaboration is poised to empower a new generation of entrepreneurs, encourage groundbreaking solutions, and elevate India’s standing as a world leader in innovation.
Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. We are not registered financial advisors. Please conduct your own research and consult a qualified advisor before making investment decisions. Any investment decisions you make based on this information are solely at your own risk.
Also read: Muthoot Finance Gains RBI Approval to Launch 115 New Branches, Expanding Nationwide Reach
Published on: February 26, 2025 at 10.40PM GMT.
RBI’s $10 Billion Forex Swap:
The Reserve Bank of India (RBI) has announced a $10 billion three-year dollar/rupee swap auction to enhance rupee liquidity in the banking system. The auction is scheduled for February 28, aiming to address cash deficits and support economic growth.
As stated in Bhagavad Gita :
कर्मणा सदा कर्म योगं त्यजेत्।
One should always perform their duty without attachment.
28th February is celebrated as National Science Day!
