MeitY Startup Hub collaborates with Paytm to support deep-tech startups

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August 26, 2021 1:29 PM

The collaboration also focuses on fostering partnerships with incubators, accelerators, investors

The partnership will help India’s startups by providing them access to mentorship, networking, and business opportunities

The MeitY Startup Hub (MSH), an initiative of the ministry of electronics and information technology (MeitY), has entered into a memorandum of understanding (MoU) with the digital payment platform Paytm. With this collaboration, MSH and Paytm aim to scale deep-tech startups by providing access to platforms, knowledge series, experts, resources, and larger community of stakeholders. Moreover, the collaboration also focuses on fostering partnerships with incubators, accelerators, investors, as well as, offering a startup toolkit to tackle challenges in payments, distribution, and growth for early-stage startups.

The planned partnership also intends to help startups with mentorship and guidance through a unicorn talk series to build more unicorns out of India. Thanks to the MoU, the startups will get the benefits of subsidised payment gateway services.

According to Praveen Sharma, senior vice president, Paytm, its partnership with MSH will bring numerous benefits for the Indian startup ecosystem. It will help India’s startups by providing them access to mentorship, networking, and business opportunities, Sharma noted. “We believe the collaborative approach will prove truly beneficial for India’s startups,” he commented.

“MeitY Startup Hub, through its association with Paytm, aims to build a strong deep-tech startup ecosystem by providing support for the path-breaking, solution-oriented innovators. Paytm’s entrepreneurial DNA, strong focus on responsible scaling, futuristic product-orientation, and deep-tech in-house expertise represents combination of resources and conducive environment for Indian startups to learn, grow and scale the heights of success globally,” AK Garg, senior director, innovation and IPR Division, MeitY, said.

Paytm, owned by India’s largest mobile-internet firm One97 Communication platform, offers full-stack payment solutions to consumers, offline merchants, and online platforms. The strategic alliance between MSH and Paytm brings together various stakeholders, synergises resources to create a conducive, Paytm said in a statement.

Read Also: Sporjo raises $2 million in Pre-Series A funding

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