After its venture into wallet, e-commerce and payment bank, Paytm is now going to introduce its customers investment and wealth management products. Paytm Money will be a wholly owned subsidiary of One97 Communications - the parent firm of Paytm.
Paytm will invest $10 million in the entity this year. At present, the operations are being set up in Bangalore. The venture will be launched before March following regulatory approvals.
Pravin Jadhav, a former entrepreneur, who led product and growth at Servify has been hired as the Senior Vice President and will head the segment.
Vijay Shekhar Sharma, Paytm's founder and CEO said that the aim will be to increase the size of wealth management customer base and bring simple and easy to understand wealth products to the consumers.
Earlier this year, Paytm launched its payments bank, a mobile-first bank with zero charges on all online transactions and no minimum balance requirement.
The company is also said to be in discussion with leading asset management companies to offer mutual fund investments in direct mode. It will at present focus on non-urban markets.
“India’s wealth management services market has so far focused mainly on the urban segment leaving a huge chunk of the market untapped. I am excited to join Paytm Money to build the most consumer-friendly investment product and experience for investors,” Jadhav said.
Tags: Paytm, Paytm Money, One97 Communications, Pravin Jadhav, Vijay Shekhar Sharma ceo paytm, varindia, paytm wallet
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