Paytm Money is set to commence operations in the next six to eight weeks with the asset management companies (AMCs) after receiving approval from the Securities and Exchange Board of India (SEBI).

Paytm Money is ready to develop itself into a wealth management arm under the umbrella of Paytm, India's e-commerce, and e-payment brand.

It plans to target lower investment. By doing so, the firm aims to reach out to the consumers beyond top 15 urban locations in India.

"There are 43 AMCs. We will integrate with 10-12 of them before commencing operations, and try to get 30-35 AMCs within the next 12 months," said Pravin Jadhav, senior VP for business at Paytm Money. "It will start as an independent application on the app store."

Jadhav said he wants "to build Paytm Money, unlike the parent Paytm app, as an engagement product where customers will come for much more than only transactions since wealth management is a different business altogether." "With interest rates falling, consumers will eventually be forced to look for wealth management," he said.

The company plans to start with mutual funds and wants to enter into other asset classes such as equity.