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 equipentrepreneurswith 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 Paytms extensive merchant network.

Mr. Sanjiv, Joint Secretary, DPIIT, emphasized the significance of this collaboration, stating, This partnership with Paytm marks a crucial step in strengthening Indias startup ecosystem. By leveraging Paytms fintech expertise and infrastructure, we aim to support entrepreneurs in overcoming challenges, scaling their ventures, and contributing to Indias emergence as a global innovation hub.

Vijay Shekhar Sharma, Founder & CEO, Paytm, remarked, Under Prime Minister Narendra Modis leadership, this is the best time for startups to launch and scale. 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, Agri-tech, 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.

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