Buoyed by Gujarat’s double digit share in its total demat accounts, Paytm Money opened its first ever investment office outside its Delhi headquarters in Ahmedabad with a view to target high net-worth individuals (HNIs) on Tuesday.
“Ahmedabad facility would function as a prominent centre for expansion in business across Gujarat. We will also have expert client teams that will focus on Vadodara, Surat, Rajkot and Mehsana apart from Ahmedabad. Through physical presence, Paytm Money plans to leverage existing merchants to acquire and promote the investment platform under the affiliate model,” said Varun Shridhar, CEO of Paytm Money, a wholly-owned subsidiary of Paytm.
Paytm Money already has 1 lakh plus users in equity and mutual funds and 30% participation in the ETF market, said Shridhar adding, ‘with physical office with dedicated expert teams Paytm Money plans to become the most preferred Wealth Management Platform in Gujarat’.
“Ahmedabad has become one of the leading cities in India due to its vibrant investment culture. Paytm Money wants to capitalise on it and build a significant capital markets business in Gujarat. We plan to hire 150 personnel across Gujarat, including front-end sales team, market experts and investment advisors to expand the company’s presence in the state. In the coming days we would like to expand footprints in smaller cities also,” he said.
Gujarat is already one of the top states in terms of transaction volume on the Paytm Money platform. More than 11% of the IPO applications on the platform come from Gujarat, making it the most important region in the country, he claimed. Moreover, these users have the highest participation in F&O trading and ETF investments (nearly 30%), he said, adding that with a physical presence in the state, Paytm Money is aiming to accelerate the on-boarding of new users from the state and increase the overall relationship value & trading volumes.
According to him, through the physical office the company wants to get closer to customers in local language as compared to customers in other states, Gujarat based customers are more inquisitive. Over the past one year, Paytm Money has launched a slew of new products and services including margin plus, GTT, F&O dashboard, voice trading, Portfolio Management Services (PMS), he said, adding that the dedicated team working at Ahmedabad office would guide Paytm Money users in Gujarat for effective utilisation.