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.
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