Aug 9: Paytm Money is all geared up for the launch of its mutual fund shop, and the initial signs are exciting. According to reports, PaytmMoney has already garnered over half a million users on its new mutual fund platform, and that’s despite the facility being launched to the public.
Ahead of the launch, Paytm has been piloting the mutual fund shop among key employees, who have also been given access to buy and sell mutual funds on the platform. In addition to that, Paytm Money has also opened up the registrations, and over half a million users are said to have already registered on the platform. However, the registered users will be able to transact only once when the feature goes live.
Details regarding the number of fund houses were not revealed. But according to officials close to the matter, Paytm Money is expected to go live with as much as 15 fund houses. The list might also include big and small players. It was earlier reported that Paytm were interested only in associating with big fund houses. However, executives from small fund houses too have confirmed their presence in the mutual funding platform.
Paytm Money whole-time director Pravin Jadhav has been quoted by newspaper reports as saying that all its schemes will be available for purchase once a fund house comes on board, regardless of its size. However, the platform will only have direct plans, and not the regular plans, since the former being cheaper due to absence of distributor commissions.
Paytm Money will be launching by the end of this month to the public. It is One97’s third major offering after Paytm mobile wallet and Paytm Payments Bank. Paytm is already said to have acquired over 300 million users in its mobile wallet platform. The mutual fund operations of Paytm are also expected to boost the distribution of mutual funds in small towns.