Paytm Money, the wealth management division of Paytm, the greater mark of payment in India, launched with a bang last year.
Pre-launch, the platform already had nearly 850,000, 65 percent of the inscriptions were from Tier II and III regions.
And now, a year after its launch, Paytm money boasts more than three million users, claims to have tied up with the 40 AMCs in India, and is double the introduction of new products on its platform. Diversification includes its foray into stock-for services which it has acquired the necessary approvals, SEBI trading company earlier this year and the national system of selling pension, the exchange traded funds (ETFs) and other financial instruments. And it comes when it comes only two percent of the population of India has invested in vehicle-related actions. Therefore, leaving much work for new platforms digital age as Paytm investment money.
Paytm money is also a track to sell to the vast customer base of 400 million Paytm early integrations that occurred earlier this year. In February this year, the Bank of payments Paytm said it will allow its 42 million customers now invest in mutual funds through Paytm money.
The subsidiary One97 Communications also seeks to collect Rs 250 crore from its parent in the next 18-24 months and reach 50 million users over the next three years. The wealth management space in India has caught the attention of many investors this year, including the likes of Ribbit Capital, Y Combinator and their investment in asset management based in Bangalore Groww.
Paytm Money, Bangalore, Karnataka, India. https://www.paytmmoney.com