Posted by Mumbai: Paytm Money has set a target of over 10 million users and 75 million yearly transactions in FY’22. Paytm the parent company of Paytm Money said in a statement.
The company claimed to have over 50% ‘new to wealth services’ users availing investment products including direct mutual funds, stocks, IPO, F&O, ETF, NPS and digital gold on its platform.
Paytm Money is facilitating masses to make small amount investments and trading at Rs 10 per order.
The company has expanded its reach across India covering 99% of all pin-codes. It has over 7 million users and has also achieved over Rs 5000 crore in direct mutual funds investments.
Over the next few months, Paytm Money has set a target of over 150% increase in monthly new SIP registrations and a 200% increase in total monthly investment volumes.
It is attracting more users by offering direct mutual funds with a ~1% saving in commissions compared to regular mutual funds and combined with a simple product and 40 plus AMCs.
Paytm Money aims to open over 3.5 lakh by year-end and expects 60% of users to be from small cities. It is relying on having a simple platform for investors and traders, free delivery orders and intraday/FNO at Rs 10 per order. It has made IPO application process fully digital and simple for retail investors across India.
The company said that it aims to retain its top position in the market when it comes to digital gold and is set to cross 6,000 kilograms of gold transacted through the platform.
Users can buy digital gold and can take 24-carat pure physical gold delivery. It has more than 60 million investors in digital gold with many opting for gold SIP as a regular saving option.
“We strongly believe that wealth management in the country needs to be democratised, embraced, and adopted by all. Technology innovation and a stable product have allowed us to bring direct mutual fund and gold to everyone and offer equity delivery for free and all FN/intraday orders as low as Rs. 10,” said Varun Sridhar, CEO – Paytm Money.
“With our 360-degree approach to providing investment solutions, we have become the leading driver of wealth creation in the country. The next 18 months of innovation, launch of new products and providing a stable platform is going to be our goal. This is just the start,” added Sridhar.