New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with Paytm to provide structured support to fintech and manufacturing startups in India.
The collaboration aims to enhance mentorship, infrastructure access and regulatory guidance for emerging businesses in these sectors.
Focus on Fintech and Hardware Startups
As part of the initiative, Paytm will assist fintech hardware startups, including those developing payment devices like Soundbox and PoS/EDC machines. The company plans to offer mentorship, funding access, and compliance guidance to help these businesses scale efficiently.
DPIIT officials stated that the partnership is expected to strengthen India’s startup ecosystem by integrating Paytm’s expertise in digital payments and financial technology. The initiative also aligns with the Startup India program, which focuses on fostering innovation-driven entrepreneurship.
Structured Support and Resources
The partnership will provide:
Mentorship and Market Access: Startups will receive expert guidance and networking opportunities.
Funding Opportunities: Access to investor networks and incubation programs.
Regulatory Assistance: Guidance on compliance and industry-specific regulations.
Impact Tracking: Periodic progress assessments to measure growth.
Additionally, Paytm’s CSR wing, Paytm Foundation, is backing deep-tech startups in Climate Tech, Web3, Agritech and Mobility.
Government’s Push for Innovation
Speaking on the partnership, DPIIT officials highlighted the government’s push to create a supportive framework for startups in financial technology and digital payments. “This collaboration will help entrepreneurs navigate regulatory challenges and expand their businesses,” said Dr Sumeet Kumar Jarangal, Director of Startup India.
Vijay Shekhar Sharma, Founder & CEO of Paytm, emphasized that India’s startup ecosystem is witnessing strong growth, and initiatives like this will provide essential support to emerging businesses.
The partnership marks another step in India’s efforts to position itself as a global hub for fintech innovation, particularly in the payments and digital financial services sector.
