Paytm, India’s largest digital financial platform, has announced its willingness to invest close to $70 Million (INR 500 Crores) in tech startups within the country. The company says it will focus on artificial intelligence-based technology and big data solutions for new innovations that can generate large scale employment.
In a prepared statement, Paytm said, “The company has set aside ₹500 crore to invest in early-stage companies that build complementary technologies augmenting the digital ecosystem,”.
“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,” Paytm Deputy Chief Financial Officer Vikas Garg said.
While announcement of a dedicated investment vehicle is new, Paytm has been an active investor within the Indian startup ecosystem. According to a report from Mint, the company already invests close to $30 Million every year in acquisitions or follow up investments of startups. Some of these include Insider, Nearbuy, Loginext, Ticket New, Hungerbox, Nightstay, QRQL, and RecruiterGrid.
