New Delhi: Paytm on Wednesday announced that it has set up ‘Paytm Money Limited’, a wholly owned subsidiary of One97 Communications to build Investment and Wealth Management products for its users.
Paytm Money will be the fourth consumer brand from the company after Paytm, Paytm Mall and Paytm Payments Bank.
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In addition, Paytm has also announced the appointment of Pravin Jadhav as Senior Vice President to lead this new venture. An ex-entrepreneur, Pravin led Product and Growth at Servify and Rediff in his earlier roles; was the Founder and CEO of Wishberg.
Paytm Money is setting up its operations in Bangalore and plans to launch in the first quarter of 2018 post regulatory approvals.
“We started as a payments platform and expanded customer offerings to deposits with Paytm Payments Bank. Today, with Paytm Money, we have taken the next logical step in the direction of wealth management. Pravin and his team is on a mission to make wealth management easier and accessible to large number of Indians. We aim to increase the size of wealth management customer base and bring simple and easy to understand wealth products to our consumers,” said Paytm founder and CEO, Vijay Shekhar Sharma.
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“India’s wealth management services market have 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. India will be a Mutual-Funds first market, we are in discussions with leading AMCs to offer Mutual Fund Investments in Direct Mode for our users,” said Pravin Jadhav on his appointment.
Paytm is fast evolving from being a pioneer in digital payments to becoming a full-stack financial services company, which offers banking, lending, insurance, and payments; with Paytm Money it aims to cover the entire spectrum of wealth management and plans to add more investment offerings going forward.
Earlier this year, it launched Paytm Payments Bank, a mobile-first bank with zero charges on all online transactions and no minimum balance requirement. The bank has been designed to help achieve financial inclusion in the country. Paytm also recently allowed its millions of merchants to accept unlimited Paytm, UPI, and Card payments directly into their bank accounts through its QR.