Paytm Indulging in Investments to Augment Digital Ecosystem
The Indian payment and e-commerce giant, Paytm is intending to invest 500 crore in the early-stage startups that are into developing complementary technologies to augment the digital ecosystem. Also, the company would mainly focus on artificial intelligence-based technology and big data solutions for innovation, which in turn would create job opportunities on a larger scale.
"The company has set aside Rs 500 crore to invest in early-stage companies that build complementary technologies augmenting the digital ecosystem," states Paytm.
The company is also looking forward to embracing technology, citing the growing internet to evolve as a dominant player in artificial intelligence.
"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 that 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," says Vikas Garg, Deputy Chief Financial Officer, Paytm.
Paytm invests about Rs 200-250 crore every year in the intellectual properties or in the companies that develop complementary technologies such as Nearbuy, Loginext, Insider, Ticket New, Nightstay, Hungerbox, RecruiterGrid, and QRQL.
Based in Noida, Paytm was established in 2010 as a financial service. Over the years, the company has witnessed tremendous success; it claims that over seven million Indian merchants use this QR code to accept payments directly through their bank account. Paytm supports 11 Indian languages to access its online services such as mobile recharges, travel & movie bookings, utility bill payments, in-store payments, restaurants, parking, tolls, and many more.