Digital payments company Paytm is planning to invest Rs 500 crore in emerging startups that build technologies supporting the digital ecosystem.
The company will be focusing on the artificial intelligence-based technology and big data solutions for nextgen innovations that helps in generating 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.
The company is expected to deploy technology across the growing internet to present itself as a 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,” Paytm Deputy Chief Financial Officer Vikas Garg said.
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 said.
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