Bengaluru, NFAPost: Vijay Shekhar Sharma founded digital payment company Paytm on Monday announced its plans to support Indian startups by investing Rs 500 crore.
The company will identify early stage tech companies which will build build complementary technologies to support the digital ecosystem. Paytm is looking at next bet on technologies which supports artificial intelligence and big data solutions for the next level fo company’s journey.
In a statement the company said The company has set aside Rs. 500Cr to invest in early-stage companies that build complementary technologies augmenting the digital ecosystem.
“Paytm typically invests 200-250 crore every year in IPs or companies building complementary technologies such as Insider, Nearbuy, Loginext, Ticket New, Hungerbox, Nightstay, QRQL, and RecruiterGrid. The company supports India-first business solutions that are scalable and have the potential to generate large scale employment. The set of services offered within the Paytm eco-system are already unique in nature and caters to each of the user requirement,” states the company
One97 Communications Limited, which owns Paytm, is also focused on solving complex problems unique to India. It will invest in startup firms that are set to disrupt the burgeoning sectors like AI and data analysis. It is hoping to employ technology across the growing internet to become the dominant player in India.
India with 1.3 billion people gives big opportunity for internet companies to come up with solutions for various verticals. Paytm is planning to pan out its presence to get into India’s other areas related to payment so that lives of people can be enriched. It is adding different services to its super app Paytm. Also, the company got into ecommerce and banking sector.
Vikas Garg who has been recently elevated as Deputy CFO at Paytm said the company well be aligned with India’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,” said Vikas Garg.
The company typically invests Rs 200-250 crore every year in intellectual properties or companies building complementary technologies such as Insider, Nearbuy, Loginext, Ticket New, Hungerbox, Nightstay, QRQL, and RecruiterGrid, the statement said.
PaytmLabs,, the research and development division of Paytm, is giving a shape for the tech journey of Paytm. The division is coming up with in-house capabilities to further enhance its payment technologies. Also, the company founder has made his ambition clear that payment is only a means to enhance its customer acquisition journey and Paytm will emerge as a internet behemoth of the country.
Paytm founder Vijay Shekhar Sharma is also investing in various startup companies in his personal capacity.