Government signed an agreement with Paytm, help will be taken in promoting startups

The government has signed an agreement with Paytm under which the company will provide guidance, infrastructure support, market access and funding opportunities to startups. This information was given in an official statement on Wednesday. Paytm is owned by One97 Communications Limited. The Ministry of Commerce and Industry said, the Department for Promotion of Industry and Internal Trade (DPIIT) signed a Memorandum of Understanding (MoU) with Paytm to promote innovation in India and accelerate the growth of manufacturing and financial technology (fintech) startups.

This is how startups will benefit

It said, “Under this collaboration, Paytm will provide guidance, infrastructure support, market access and funding opportunities to startups, which will help them in expansion and innovation.” DPIIT Director Sumit Kumar Jarangal and Paytm Founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma signed the MoU in the presence of senior officials. Sanjeev, Joint Secretary, DPIIT, said, “By leveraging Paytm’s financial technology expertise and infrastructure, we aim to help entrepreneurs overcome challenges and grow their enterprises.”

Partnership with many companies earlier too

Sharma said that Paytm is committed to empowering entrepreneurs through guidance, financial assistance and access to cutting-edge technology. DPIIT has previously signed similar agreements with many companies including professional forums Apna, Rukam Capital, Avana Capital, Bhane Group, Flipkart and ITC.