Within a year of launch, Paytm Money offers mutual fund schemes from all 40 AMCs in India
Paytm Money, a Bengaluru-based SEBI registered Investment Adviser (IA), today announced that it is now the first and only online platform to have mutual fund schemes from all 40 Asset Management Companies (AMCs) in India. The company's latest additions being Franklin Templeton Mutual Fund & ITI Mutual Fund under its portfolio.
On the announcement, Pravin Jadhav, Whole Time Director at Paytm Money, said,
“Our goal has always been to make investments accessible to millions of Indians and connect them with the best fund managers in India. Our in-house technology platform is now integrated with all AMCs and RTAs in India and our transaction processing success rates are the best in the industry.”
Paytm Money, which was launched in late 2018 with 25 AMCs, claims to have over one million users.
With a 250-member team led by Pravin Jadhav, its whole-time Director, the company recently added investor-friendly features such as one-tap portfolio top up, advisory based portfolio as Investment Packs, Single Payment experience for SIPs (Systematic Investment Plan), and UPI-based payments, among many others, to make investing simple and seamless.
The company also recently received approval to start stock broking services from the Securities and Exchange Board of India (Sebi).
As per reports, it had applied for the licence in October 2018.
In March this year, the company secured Rs 28.87 crore from parent One97 Communications Pvt Ltd, in exchange for 2.8 crore equity shares of Rs 10 each, according to RoC filings with the Ministry of Corporate Affairs.
In February, it also integrated with Paytm Payments Bank, to open wealth management options for bank customers. Through this partnership, the users of Paytm Payments Bank were able to make their account as the primary bank account on Paytm Money, for investment and redemption of mutual fund investments.
Paytm Money has also received membership of NSE and BSE.