Paytm Money launches dedicated app for MF

Paytm Money launches dedicated app for MF

Paytm Founder and CEO Vijay Shekhar Sharma along with Paytm Money Whole-time Director Pravin Jadhav.

Paytm Money, the wholly owned subsidiary of One97 Communications, on Monday announced the launch of its dedicated app for mutual fund investments.

Paytm Money, the 4th consumer brand from India's leading digital payment company Paytm, is the very first entity of One97 Communication Limited to be operated and headquartered in Bengaluru.

Commenting on the development, Paytm CEO and Founder Vijay Shekhar Sharma said access to wealth creation opportunities till today has been limited to a select few.

"With Paytm Money we want to democratise and bring Mutual Fund investments to millions of Indians. We are committed to take the Mutual Fund investor base in India to 50 million in the next 5 years and expect Paytm Money to be the catalyst in bringing new incremental investors to this industry.” said Sharma.

The business entity will focus on building investments and wealth management products and services. It aims to double the mutual fund investor base in India within the next 3 to 5 years.

Paytm Money Whole-time Director Pravin Jadhav said Paytm Money will connect millions of investors to India’s trusted AMCs and fund managers while making the investing process - simple, transparent, accessible to all and offer it completely free to investors.

"We are building a technology-based platform that offers both investment advisory and execution services, complete detailed risk profiling and provide all possible information to users before they take any investment decision," said Jadhav.

While the Mutual Fund industry is under-penetrated in India, Paytm Money has already witnessed huge consumer interest with more than 850,000 users registering for early access prior to its launch.

With over 96% registrations being made from mobile devices, the company has opted for an app-only approach at its launch. Over 65% of these registrations have come from B15 (beyond top 15 cities), Paytm Money expects to bring wealth creation opportunities to smaller cities & interior towns.

Paytm Money app will be available for download from Tuesday on both Android & iOS. The company will start providing access to over 2,500 users a day and will increase this to over 10,000 users daily over the next few weeks.

Users will be informed about access on their registered mobile number or email address. Paytm Money will enable users to complete their fully digital KYC and onboarding for mutual fund investments to offer faster access to its app.

The company has partnered with 25 AMCs (Asset Management Companies) covering 90% of industry AUM (Assets Under Management) to offer direct plans of mutual funds which come with lower expense ratios due to zero distribution fees or commissions.

Users can start investing in lump sum or via SIPs with as little as Rs 100 in some of the schemes. Paytm Money has tied up with leading rating services - MorningStar, CRISIL and Value Research to ease investment decision-making process. The service will be completely free for its users.

Get a round-up of the day's top stories in your inbox

Check out all newsletters

Get a round-up of the day's top stories in your inbox