As per the recent news, Paytm Money of Vijay Shekhar Sharma is soon to spend or make an investment of around Rs 250 crore in the forthcoming two years since the organization wants to ramp up its commerce in stockbroking, NPS and more in between 2019 and 2020.
The statement said, “Paytm Money aims to invest Rs 250 crore over the next 18-24 months as it is expected to launch new businesses including stockbroking, NPS and more in this financial year.”
The organization declared in a statement, “The Company has received regulatory approvals for offering stockbroking and NPS services to its users and is expected to launch them soon,” and with this, the platform having three-million-users appear to turn into a full-stack investment, as well as wealth management podium. Moreover, the Paytm subsidiary has rejigged its top management & assigned Pravin Jadhav as MD & CEO, the corporation announced in a declaration.
Paytm Money is one of the single most significant contributors of SIPs to the industry of mutual funds, and around 40 percent of the entire SIPs listed in Direct Mode is completed through the platform. When asked, the Fonder, Vijay Shekhar Sharma mentioned, “Pravin has made Paytm Money from an idea to India’s largest mutual fund investment platform today. As our business expands in stockbroking, National Pension Scheme (NPS), and other investment products, I am very proud that Pravin will lead the company as its Managing Director and CEO.” Pravin Jadhav, who was the founder & CEO of Wishberg, and who has even worked with Rediff.com and Servify, was previously the whole-time administrator at Paytm Money.
Vijay Shekhar Sharma said, “As a true entrepreneur, Pravin has made Paytm Money from an idea to India’s largest mutual fund investment platform today. As our business expands in stockbroking, National Pension Scheme (NPS), and other investment products, I am very proud that Pravin will lead the company as its Managing Director and CEO.”
Paytm Money, the mutual fund investment platform, is even preparing to introduce ‘Paytm Switch’ within a week. It will allow users to do a transition from collective mutual funds, in order to direct mutual funds from stockbrokers, asset management companies (AMC), distributors, and banks to Paytm Money. This step is predicted to aid Paytm Money for shoring up its market share or value in straight mutual fund subscriptions. As of now, Paytm Money has 40 percent shares of the marketplace that are estimated to lift approximately half in half of the year time, news firm PTI has previously quoted Pravin Jadhav as saying.
The organization has got regulatory sanctions for providing stockbroking & NPS services to its users. In addition, it is predicted to launch them soon. Paytm Money aspires to develop into a full-stack investment, as well as wealth management platform.