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Jan 10, 2018 11:35 AM IST | Source: Moneycontrol.com

Paytm sets up wealth management entity - Paytm Money, to invest over Rs 63 crore

Pravin Jadhav an ex-entrepreneur who led product and growth at Servify and was the founder of social media platform Wishberg has been hired as a senior vice president and will head the segment

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Softbank-backed Paytm has now set up Paytm Money - its fourth venture following wallet, e-commerce, and payments bank that will offer customers investment and wealth management products. The company will invest $10 million in the entity this year.

Paytm Money Ltd will be a wholly owned subsidiary of One97 Communications - the parent firm of Paytm.

Currently, the operations are being set up in Bangalore and the venture will be launched before March following regulatory approvals.

Pravin Jadhav, a former entrepreneur, who led product and growth at Servify and was the founder of social media platform Wishberg has been hired as the Senior Vice President and will head the segment.

Vijay Shekhar Sharma, Paytm's founder and CEO said that the aim will be to increase the size of wealth management customer base and bring simple and easy to understand wealth products to the consumers.

Earlier this year, Paytm launched its payments bank, a mobile-first bank with zero charges on all online transactions and no minimum balance requirement.

Jadhav said that the company is in discussions with leading asset management companies to offer mutual fund investments in direct mode adding that the company will also focus on the non-urban markets.

“India’s wealth management services market have so far focused mainly on the urban segment leaving a huge chunk of the market untapped. I am excited to join Paytm Money to build the most consumer-friendly investment product and experience for investors,” Jadhav said.
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