Having received the Sebi approval for becoming a registered investment advisor, Paytm Money – the wholly-owned wealth management arm of financial services platform Paytm – is all set to begin its operations soon. To begin with, the company is joining hands with close to a dozen AMCs (asset management companies) and will roll out wealth management and investment products after commencing operations.
Here are five things to know about Paytm Money:
1. Paytm Money is in discussion with various asset management companies for launching mutual funds. Initially it will tie up with 10 to 12 AMCs, and the number will gradually be increased to 30 to 35 in a year.
2. Having become a Sebi-registered investment advisor, Paytm Money plans to be India’s simplest, most transparent and best investment platform which will help investors grow their money and also make wealth management accessible to a large number of people. For this, it plans to launch easy-to-understand wealth products for the Indian masses. This will also help the company tap the untapped market.
3. Mutual funds will be the first financial product on this platform. In a bid to give investors maximum returns on their investments, Paytm Money will allow them to invest in direct mutual fund products with zero commissions, which is believed to be a game changer in the industry. Vijay Shekhar Sharma, founder of One97 Communications, recently said that they want to be “the Charles Schwab of India with a zero-fee brokerage.”
4. Pravin Jadhav will lead Paytm Money from Paytm’s Bengaluru office. He was the Founder-CEO of Wishberg and has led product and growth at Servify and Rediff earlier.
5. The company will provide a separate app for both iOS and Android users.