DPIIT, Paytm Partner to Boost Manufacturing and Fintech Startups

28 Feb 2025 CW Team

New Delhi, Feb 26, 2025: The Department for Promotion of Industry and Internal Trade (DPIIT) has signed an MoU with Paytm (One97 Communications Ltd) to drive innovation and accelerate the growth of India’s manufacturing and fintech startup ecosystem.

Under this collaboration, Paytm will offer mentorship, infrastructure support, market access, and funding opportunities, helping startups scale and develop advanced financial technology solutions. The initiative also aims to support fintech hardware startups by providing regulatory guidance, compliance assistance, and product validation through Paytm’s extensive merchant network.

The MoU was signed by Dr. Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO of Paytm, in the presence of senior officials from both organisations. Joint Secretary Sanjiv highlighted the partnership’s importance in strengthening India’s startup ecosystem, while Vijay Shekhar Sharma emphasied Paytm’s commitment to empowering entrepreneurs with mentorship, financial support, and cutting-edge technology.

As part of its Paytm for Startups initiative, the company will launch dedicated programs to support fintech hardware manufacturers like Soundbox and PoS/EDC device makers. These efforts include investor connections, incubation programs, and industry-focused workshops. Through its CSR arm, Paytm Foundation will also nurture deep-tech startups in Climate Tech, Web3, Agritech, and Mobility.

This collaboration reinforces DPIIT and Paytm’s shared vision of positioning India as a global innovation hub and driving economic growth through technological advancements.

(PIB)

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