NEW DELHI: Paytm Money, a subsidiary of Paytm’s parent firm One97 Communications, is planning to spend around Rs 250 crore over the next one-and-a-half to two years to expand its offerings into several new business verticals. The company also announced that it had elevated current whole-time director Pravin Jadhav to managing director and CEO.
“Paytm Money aims to invest Rs 250 crore over the next 18-24 months as it is expected to launch new businesses, including stockbroking, NPS and more in this financial year,” the company said. Parent company Paytm’s founder and CEO Vijay Shekhar Sharma expressed confidence in the company’s growth under Jadhav. “Praveen has made Paytm Money from an idea to India’s largest mutual fund investment platform today. As our business expands in stockbroking, NPS, and other investment products, I am very proud that Pravin will lead the company,” he said.
Jadhav, for his part, said that there was “massive opportunity” that lay ahead for the company as it made investments simpler, transparent and accessible to millions of Indians.
Paytm Money currently has over three million users on its investment platform and is already the single largest contributor of Systematic Investment Plans (SIP) to the mutual funds industry. “Paytm Money contributes to about 40 per cent of all SIPs registered in direct mode,” it said.
On its way to diversifying its offerings, the Bengaluru-headquartered company has partnered with all 40 of India’s Asset Management Companies, the only investment platform offering investments in direct plans from all of them. It has also received regulatory approvals for launching stockbroking and NPS services for its users.