Paytm to invest Rs 500 crore in start-ups
today Nov 12, 2019
Noida-based digital payments firm Paytm plans to invest Rs 500 crore ($69.9 million) in early-stage start-ups to support the country’s entrepreneur ecosystem and digitization.
The company will be funding and fuelling the growth of start-ups that build complementary technologies augmenting the digital ecosystem.
The investment is expected to give a shot in the arm from start-ups across India and also generate employment opportunities in the sector.
"We are well aligned with our country’s mission to ensure the benefits of the digital revolution reach the last mile. We partner with start-ups who have capabilities that augment the digital ecosystem for the next wave of growth,” Paytm’s deputy chief financial officer Vikas Garg said in a statement.
"These investments are also an indication that Paytm believes India’s entrepreneur ecosystem is innovative and is growing well," he added.
Paytm has been investing around Rs 250 crore every year to support start-ups in India. The company had reported losses of Rs 4,217 crore during the 2019 financial year with revenue of Rs 3,232 crore.
Despite high losses and expenses, Paytm continues to invest as it sees huge potential for growth in the digital services segment in the future.
Paytm is also a strong player in the country’s e-commerce space with Paytm Mall. The company claims to have more than 450 million registered users on its platform.
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