Paytm Money, an arm of India’s largest digital transaction platform Paytm, has secured ₹40 crore funding from Vijay Shekhar Sharma-owned One97 Communications.
Pravin Jadhav, managing director and CEO, Paytm Money said, “We continue to be a wholly-owned subsidiary of One97 Communications, and over the next 18-24 months expect investments of Rs 250 crore from Paytm.”
He added that the company has received 40 crore that will be invested towards products, technology, and expanding the team, and setting up new business verticals.
“We look to further expand the mutual funds business and step into new verticals like stock trading and NPS within this financial year,” he further added.
Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India.
Whereas, Paytm Money is headquartered and operates from Bengaluru and has a team of more than 250 members. It aims to become a full-stack investment and wealth management platform and bring wealth creation opportunities to millions of Indians.
Currently, Paytm Money has over three million users on its investment platform.
Paytm Money aims to become a full-stack investment and wealth management platform. It is headquartered and operates from Bengaluru with its 250+ member team.
Other players competing with Paytm Money in the industry include Fisdom, mutual fund investment app, Scripbox, online investment service, Tauro Wealth, WealthTrust, TipBazaar, among many others.