Within six months of launch, Paytm Money now claims to have more than 1M users
A new offering from Paytm Money will not only allow users to view all their investments in one place but also track their daily portfolio performance irrespective of their channel or mode of investment.
Indian payments conglomerate, Paytm’s wealth management platform, Paytm Money on Tuesday said that it has more than 1 million users on their platform.
In a statement, the company also announced that it's introducing a new feature, which will allow users to track the performance of all their mutual fund investments on the Paytm Money app for free.
Investors simply need to upload their Consolidated Account Statement (CAS) generated via Karvy Fintech on Paytm Money and within minutes they can start tracking all investments in their portfolio right on the Paytm Money app.
According to the company, mutual fund investors in India who have been investing through multiple channels including AMCs, banks, advisors and distributors over the years, face the challenge of tracking the performance of their investments in one place.
This new offering from Paytm Money will not only allow users to view all their investments in one place but also allow to track their daily portfolio performance irrespective of their channel or the mode of investment.
Pravin Jadhav, Whole-time Director, Paytm Money, commented,
“We received many requests and feedback from Paytm Money users to be able to import their external investments to our platform. This assists an investor in keeping track of all investments in one place, further helping in their investment decisions. We are excited to offer this in line with our investor-first philosophy.”
Launched in September last year, Paytm Money is a direct mutual funds investment platform, which has partnered with close to 34 AMCs (Asset Management Companies). The company has also tied up with rating services - MorningStar, CRISIL, and Value Research to ease investment decisions for its users.
During its launch, Paytm Money had received an investment commitment of $10 million for setting up its operations from its parent One97 Communications Limited. Before the launch, the platform already had more than 850,000 users registering for early access, according to the company.