Digital payments unicorn Paytm looks to invests INR 500 cr in early-stage tech startup

paytm

Paytm, a digital payments unicorn platform said that it has been looking to invest INR 500 crore in early stage startup that build complementary technologies augmenting the digital ecosystem, reported Mint.

Paytm said that it will focus on artificial intelligence-based technology and big data solutions for new innovations that can generate large scale employment.

“The company has set aside INR 500 crore to invest in early-stage companies that build complementary technologies augmenting the digital ecosystem,” Paytm further added.

Based out of Noida, Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring ease in the digital payments ecosystem across India.

The company Paytm further added that it expects to employ technology across the growing internet to become the dominant player in AI.

“We are well aligned with our country’s mission to ensure the benefits of the digital revolution reach the last mile. We partner with startups who have capabilities that augment the digital ecosystem for the next wave of growth. “These investments are also an indication that Paytm believes India’s entrepreneur ecosystem is innovative and is growing well,” Vikas Garg, deputy chief financial officer at paytm, said.

In the growing line of Paytm, other startups under a similar roof include FircentLenDenClubIndiaMoneyMartMonexoLoanBabaCapZest, and i2iFunding.

Also read: Paytm ties hands with Singapore’s Codashop to enter digital gaming and entertainment market in India

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