India’s largest mobile payment and e-commerce platform Paytm is preparing to launch their investment platform Paytm Money Limited. Pravin Jadhav, an ex-entrepreneur will be heading the new business and will operate it from their Bengaluru office. Paytm Money is expecting to launch their products by March 2018 after getting regulatory approvals.
Announcing their new venture, Vijay Shekhar Sharma said, “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.”
The newly appointed SVP of Paytm Money was the founder of Wishberg who also worked with Freecharge, Servify and Rediff. Even though Paytm has its own Payments Bank, they cannot lend to the bank account holders. So they are looking to sell the wealth management products as a source of revenue via this new platform.
Pravin Jadhav, SVP of Paytm Money said, “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 & 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.”
Paytm Money is now allowing early access registration for all. So if you are interested in their investment and wealth management products, head over to PaytmMoney.com. Following the registration, you’ll receive an SMS or email to confirm your interest. Paytm Money Team will also intimate you about the launch date and details. Hope the article was informative, Peace!