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In a major move to support Indian startups, the government has joined hands with Paytm to provide guidance, infrastructure, market access, and funding opportunities. This initiative, announced in an official statement on Wednesday, aims to drive innovation and growth in the startup ecosystem.
The partnership was formalized through a Memorandum of Understanding (MoU) between the Department for Promotion of Industry and Internal Trade (DPIIT) and Paytm, which is owned by One97 Communications Limited. According to the Ministry of Commerce and Industry, the collaboration is focused on accelerating the expansion of manufacturing and financial technology (fintech) startups across the country.
How Startups Will Benefit
Under this agreement, startups will receive crucial support from Paytm, helping them scale their businesses and enhance innovation. From mentorship to funding opportunities, this initiative is set to ease many challenges entrepreneurs face in the early stages of their ventures.
The MoU was signed by DPIIT Director Sumit Kumar Jarangal and Paytm’s Founder & CEO, Vijay Shekhar Sharma, in the presence of senior officials. Speaking on the occasion, DPIIT Joint Secretary Sanjeev highlighted that by leveraging Paytm’s expertise in fintech, the government aims to empower entrepreneurs and provide them with the necessary tools to succeed.
Paytm’s Commitment to Entrepreneurship
Vijay Shekhar Sharma emphasized Paytm’s dedication to empowering startups through expert guidance, financial support, and access to cutting-edge technology. He reiterated the company’s commitment to fostering innovation in India’s business landscape.
This is not the first time DPIIT has partnered with industry leaders to boost startups. Previously, similar agreements were signed with various companies, including Apna, Rukam Capital, Avaana Capital, Bhane Group, Flipkart, and ITC.
With this new collaboration, the government and Paytm are taking another step toward strengthening India’s startup ecosystem, making it easier for entrepreneurs to thrive and bring innovative solutions to the market.
