The Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, has signed a an MoU with Paytm to accelerate the growth of manufacturing and fintech startups in India.

The DPIIT said 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.

"The partnership offers infrastructure and market access support, enabling startups to test, validate, and refine their products while leveraging Paytm’s extensive merchant network," Paytm said.

As part of its 'Paytm for Startups' initiative, Paytm will launch dedicated programmes to support fintech hardware manufacturers, such as Soundbox and PoS/EDC device makers, in scaling efficiently.

These initiatives include mentorship programmes, access to funding through investor connections and incubation programmes, regulatory guidance with industry-focused workshops, and periodic tracking and impact assessments.

Through its CSR arm, Paytm Foundation, the company is nurturing deep-tech startups in Climate Tech, Web3, Agritech, and Mobility.

Sanjiv Singh, Joint Secretary, DPIIT, “This partnership with Paytm marks a crucial step in strengthening India’s startup ecosystem. By leveraging Paytm’s fintech expertise and infrastructure, we aim to support entrepreneurs in overcoming challenges, scaling their ventures, and contributing to India’s emergence as a global innovation hub."