Paytm Money, the wealth management division of Paytm, one of India’s biggest payment brand, launched with a bang last year. Pre-launch, the platform already had close to 850,000 signups, 65 percent of which came from Tier II and III geographies.
And now, a year after launch, Paytm Money boasts of over three million users, claims to have tied up with all 40 AMCs in India, and is doubling down on introducing newer products on its platform.
The diversification includes its foray into stock broking services—for which it has acquired necessary approvals from SEBI, earlier this year—as well as the sale of National Pension Scheme, exchange traded funds (ETFs), and other financial instruments.
And this comes when just only two percent of India’s population has invested in equity-related vehicles. Hence, leaving much work for new age digital investment platforms like Paytm Money.
Paytm Money also gets a runway to sell to Paytm’s vast 400 million customer base, early integrations of which happened earlier this year. In February this year, Paytm Payments Bank said that it will allow its 42 million customers to now invest in mutual funds through Paytm Money.
The One97 Communications subsidiary is also looking to pick up Rs 250 crore from its parent in the next 18-24 months, and reach 50 million users in the next three years.
The wealth management space in India has caught the eye of several investors this year, including the likes of Ribbit Capital, and Y Combinator with their investment in Bengaluru-based wealth management startup Groww.
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