Posted by Mumbai: Paytm‘s wholly-owned subsidiary Paytm Money launched its technology development and innovation centre in Pune. It also plans to hire over 250 front-end, back-end engineers and data scientists to build new wealth products and services.
The new Pune R&D centre, according to the company will become a prominent centre for technology innovation in wealth management.
“We are very excited to launch our Pune tech R&D centre. And looking forward to developing new wealth management products and disruptions in Pune,” said Varun Sridhar, CEO – Paytm Money.
Sridhar said the company’s vision is to leverage technology to lower costs for consumers, provide a solid, innovative and stable platform.
However, he pointed out that the company’s vision could be achieved by solid engineering talent. “We need solid engineering talent to ensure we meet our ambitions, said Sridhar.
Choosing Pune for the R&D centre, Sridhar said that the city is famous for its high-quality education, offers a great talent pool along with good infrastructure and great weather.
“We believe Pune is poised to become an innovation hub for fintech and was a natural choice for Paytm Money’s expansion plans,” Sridhar commented. Pune as a city is an R&D hub for many of the top global and local companies across verticals. Along with that has a vibrant startup culture, robust infrastructure and top engineering schools.
The company has launched a slew of new products and services aimed at seasoned investors and new investment users. It aims to achieve over 10 million users and 75 million yearly transactions in FY’21 across users from small cities and towns.
Paytm Money wants to simplify investments and wealth creation for retail investors. The new Pune facility will focus on driving product innovation, specifically for equity, mutual funds and digital gold.
The company’s expanded focus on hiring stems from its commitment to delivering a superlative user experience leveraging robust operational competence, agile technology infrastructure and a team of diverse domain experts.