Paytm to invest Rs 250 cr to expand Paytm QR

Paytm to invest Rs 250 cr to expand Paytm QR Techiexpert.com

One97 Communications promoted the Paytm Money that will put up with an additional amount of INR 250 crore in its investment platform within the time period of 12-18 months.

This will be going to be on the top of INR 80 crore investment which is made by the promoter in the first year of business. After building a retail base of around 1 million active users with the help of its mutual fund distribution platform, the company is now also planning to disrupt the low-cost broking model. It has as of now already received approvals for providing the depository and stockbroking services.

Speaking in a report, Paytm Money director Pravin Jadhav said that within a year of launch, the firm had become the largest platform for direct SIP investment plans. “Of the total number of SIP registrations in the country, 40% of accounts go through Paytm Money. We are expanding the market as 80% of our users are first-time investors in the capital markets and come from beyond the top 30 cities in the country,” said Jadhav.

The company has been able to create a straight with the platform by using the UPI for drawing payments from bank accounts and has also introduced net banking based electronic mandates for the SIP plans.

Report

Written by Udit Agarwal

Startup/Tech News Correspondent, Responsible for gathering information on the tech companies working on IOT, AI, ML, Cloud, Mobile Technologies,

Udit can be reached at [email protected]

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