New Delhi: Digital payments firm Paytm said Monday that it plans to invest Rs 500 crore in early stage startups that build complementary technologies augmenting the digital ecosystem.
The company 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 Rs 500 crore to invest in early-stage companies that build complementary technologies augmenting the digital ecosystem,” Paytm said in a statement. It also stated 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,” the deputy CFO of the company Vikas Garg said in the same statement.
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 informed.