India’s leading online paymen service Paytm set up ‘Paytm Money Limited’ to build Investment & Wealth Management products for users. The product will be launch in the first quarter of 2018 after regulatory approvals.
During the launch, Paytm CEO & Founder, Vijay Shekhar Sharma said, “We started as a payments platform and expanded customer offerings to deposits with Paytm Payments Bank. Today, with Paytm Money, we have taken the next logical step in the direction of wealth management. Pravin and his team is on a mission to make wealth management easier and accessible to large number of Indians. We aim to increase the size of the wealth management strategy customer base and bring simple and easy to understand wealth products to our consumers.”
Pravin Jadhav will lead this new venture from Bengaluru office. An ex-entrepreneur, Pravin has led Product & Growth at Servify and Rediff in his earlier roles; and was the Founder-CEO of Wishberg.
Pravin Jadhav said, “India’s wealth management services market have so far focused mainly on the urban segment leaving a huge chunk of the market untapped. I am excited to join Paytm Money to build the most consumer friendly investment product & experience for investors. India will be a Mutual-Funds first market, we are in discussions with leading AMCs to offer Mutual Fund Investments in Direct Mode for our users.”
We are fast evolving from being a pioneer in digital payments to becoming a full-stack financial services company, which offers banking, lending, insurance, and payments. With Paytm Money, we will cover the entire spectrum of wealth management and plan to add more investment offerings going forward.