Jan 10: Aimed at building investment and wealth management for users, Paytm has established Paytm Money Ltd, a wholly owned subsidiary of One97 Communications. It has been announced that Paytm will pump in $10 million in the new company, which would be the fourth consumer brand from One97. One97 Communications is the group that owns Paytm.
The new company will have its base in Bengaluru and will kick off operations during the first quarter of 2018, after all post regulatory approvals come through. The new entity has appointed Pravin Jadhav, an ex-entreprenur, as its Senior Vice President.
Paytm, which started off as a payments platform, has now made its presence felt by unveiling various products including the recent Paytm Payments Bank. With Paytm Money too being added to the portfolio, the company aspires to be a prominent player in the wealth management arena.
The new entity is expected to hike the size of the wealth management customer base and bring simple and easy to understand wealth products to our consumers, a Mint report quoting a Paytm top official said.
Paytm is expected to cover the entire spectrum of wealth management with Paytm Money Ltd. The company is also said to have plans to add more investment offerings in the coming days.