Financial services firm Paytm has announced that it is planning to invest Rs 500 crore in early startups who have capabilities to augment the digital ecosystem for the next wave of growth.

The company will be focusing on Artificial Intelligence– based technology and big data solutions for new innovations which in turn will generate a workforce.

Paytm in a statement said:” The company has set aside Rs 500 crore to invest in early-stage companies that build complementary technologies augmenting the digital ecosystem. We expect to employ technology across the growing internet to become the dominant player in AI.”

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“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,” Vikas Garg,  Paytm, Deputy Chief Financial Officer, said.

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Every year the company invests Rs 200-250 crore in the companies and intellectual properties that are working on building the complementary technologies such as Insider, Nearbuy, Loginext, Ticket New, Hungerbox, Night stay, QRQL, and RecruiterGrid, the statement said