Vijay Shekar Sharma’s Paytm Money is going to make an investment of Rs 250 crore in the coming two years as the company eyes ramping up its businesses in stock broking, NPS and others in 2019-20.
Vijay Shekar Sharma’s Paytm Money is going to make an investment of Rs 250 crore in the coming two years as the company eyes ramping up its businesses in stock broking, NPS and others in 2019-20. “The company has received regulatory approvals for offering stock broking and NPS services to its users and is expected to launch them soon,” the company announced in a statement, and with this, the three-million-user-strong platform looks to become a full-stack investment and wealth management platform. The Paytm subsidiary has also rejigged its top management and elevated Pravin Jadhav as MD and CEO, the company announced in a statement.
Paytm Money is the single largest contributor of SIPs to the mutual funds’ industry and about 40% of all SIPs registered in Direct Mode are done via the platform. “Pravin has made Paytm Money from an idea to India’s largest mutual fund investment platform today. As our business expands in stock broking, National Pension Scheme (NPS), and other investment products, I am very proud that Pravin will lead the company as its Managing Director and CEO,” founder Vijay Shekhar Sharma said. Pravin Jadhav, who has worked with Servify and Rediff.com, and was the founder and CEO of Wishberg, was the whole-time director at Paytm Money previously.
The mutual fund investment platform — Paytm Money — is also planning to launch ‘Paytm Switch’ in a week. The same will allow users to make a transition from regular mutual funds to direct mutual funds from banks, asset management companies (AMC), distributors, and stock brokers to Paytm Money. The move is expected to help Paytm Money to shore up its market share in direct mutual fund subscriptions. Currently, Paytm Money has 40 per cent share of the market which is expected to go up to about half within half of the year duration, news agency PTI had earlier quoted Pravin Jadhav as saying.