On Monday, digital financial services firm Paytm Money said that monthly investment volume in systematic investment plans (SIPs) has risen by 143 percent on its platform in 2019-20.
It also said that having completed two years of business, it has been able to acquire 66 lakh customers to invest in various financial services out of which 70 percent users were the first time investors and 60 percent of them from smaller towns and cities.
By volume, Paytm Money appears to have surpassed Zerodha, which claims to have 30 lakh users, 65 percent of whom are first-time investors.
"Over the last two years, we have enabled new users from small cities and towns to invest with confidence by providing innovative & personalized services. We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion," Paytm Money CEO Varun Sridhar said in a statement.
The company said it registered a 100 percent increase in monthly new SIP registrations on a year-on-year basis in 2019-20.
"In the last financial year, Paytm Money registered over a 100 percent increase in Monthly New SIP registrations and a 143 percent increase in Total Monthly Investment volumes. It now clocks total investment of over Rs 20 crore in mutual funds volume," the statement said.
The parent firm of the company Paytm last week announced that its revenue has increased to Rs 3,629 crore and losses have narrowed by 40 percent.
Further, Paytm Money said that over 2.5 lakh users have registered for its stockbroking service in less than a month of its launch.