MUMBAI, Aug 27 (The CONNECT) - Seeking to support the fast-growing startup ecosystem in India, the government-promoted MeitY Startup Hub (MSH) has entered into a Memorandum of Understanding with Paytm.
The joint efforts of MSH and Paytm aim to create a vibrant ecosystem for SAAS, and app-based startups built on the deep-tech platform technologies such as Artificial Intelligence, Machine Learning, Cloud computing, etc., through support in terms of mentoring, technological assistance, go-to-market strategies.
Praveen Sharma, Paytm Senior Vice President, said the partnership will bring numerous benefits for the Indian startup ecosystem. It will aid India’s startups by providing them access to mentorship, networking and business opportunities. “We believe the collaborative approach will prove truly beneficial for India’s startups,” he said appreciated the government’s efforts.
Dr. AK Garg, senior director, Innovation and IPR Division - MeitY remarked that “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.
MeitY Startup Hub (MSH), an initiative of the Ministry of Electronics & IT, while Paytm is on a mission to bring half a billion Indians into the mainstream economy through payment, commerce, banking, investments and financial services.
Paytm’s parent company, mobile-internet firm One97 Communication platform, is in an IPO mode having filed its draft red herring prospectus with the regulator SEBI.