One of India’s biggest start-up success stories, Paytm, has announced that it will start investing in early-stage deep technology start-ups which are building technologies and solutions that can complement the digital payments ecosystem. According to a statement from the firm earlier this week, Paytm is planning to invest as much as Rs 500 crore into such companies over the next few years.
“The company has set aside ₹500 crore to invest in early-stage companies that build complementary technologies augmenting the digital ecosystem,” Paytm said in a statement, adding that it will focus companies that are working on artificial intelligence-based technology and big data solutions to make its investment, in order to acquire or develop innovative solutions that can generate large scale employment.
“We are well aligned with our country’s mission to ensure that the benefits of the digital revolution reach the last mile,” said Paytm Deputy Chief Financial Officer Vikas Garg, “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”.
Paytm expects to employ technology across the growing internet to become the dominant player in artifical intelligence, it added. Over the recent past, Paytm has typically invested around Rs 200-250 crore every year in intellectual properties or companies building complementary technologies. A few such firms Paytm has chosen to invest in include names like Insider, Nearbuy and Loginext.