India-based payment processing firm Paytm announced on Monday it had set aside Rs500m ($70m) to invest in artificial intelligence technology developers, according to KrAsia.
Paytm said it typically invested between $28m and $35m in intellectual property or startup companies each year, but it had now specifically allocated capital to early-stage AI businesses that could generate large-scale employment in India.
Founded by One97 Communications, Paytm has built a mobile payment app for consumers to pay for goods in shops, settle their utility bills or add credit to their mobile phones. The company is considering an initial public offering by 2021.
Paytm has already been active in the AI space, where its acquisitions have included Cube26. The company has also invested in companies such as auto rickshaw and hyperlocal delivery service Jugnoo.
Paytm is reportedly in the process of raising $2bn in equity and debt financing from investors potentially including Ant Financial, the financial services affiliate of e-commerce firm Alibaba, and internet group SoftBank.