Bengaluru: Paytm, one of the largest digital payments companies of the country, has ventured into mutual fund investments. The entry into mutual fund investment is through its subsidiary Paytm Money and it has been launched for the public use today.
To launch Paytm Money, the company entered into a partnership with 25 asset management companies.
Aimed at democratizing mutual fund investments and expanding the overall market of investors, Paytm Money will gradually give access to consumers, beginning with those who had registered for early access.
“Our aim is to double the existing mutual fund market in terms of the number of investors. Once it reaches 50 million by 2025 from around 20 million presently, we want to take 50 per cent market share of that,” said Pravin Jadhav, whole time director of Paytm Money.
The app will give access to consumers at a rate of 2,500 new users per day and will slowly scale it up to 10,000 in a few weeks. The idea behind a restricted release is to first get feedback from users and assess the market reaction before going for an all-out launch.
“We have more than 90 per cent coverage of AMCs in terms of partnerships now. We are already talking to the rest of them and should complete integration over the coming months. We have also tied up with MorningStar, Crisil and Value Research to provide users with analysis behind each fund’s performance free of cost,” said Jadhav.