After Paytm mall, Paytm Payments Bank and Paytm wallet company, the Paytm brand has set up yet another entity called Paytm Money Limited to provide investment and wealth products. The company run by One97 Communications will offer money market fund. Simultaneously the company is in discussion with asset management companies to offer mutual funds via direct route to its customers.
The company has plans to invest close to $10 million upfront and also is seeking approval from SEBI to function in the area of investment advisory.
For the new venture, the company has appointed Pravin Jadhav to lead the management of Paytm Money. After the task of regulatory approvals is done with, the company will launch its venture in the first quarter of the ongoing calendar year and has set up its operations in Bengaluru.
"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," said Sharma.