Paytm, run by One97 Communications Ltd, has set up a new entity called Paytm Money to offer investment and wealth management products, and will invest close to $10 million upfront in the new entity, reports Livemint.
According to the report, Paytm Money is the fourth product from One97’s stable after Paytm Mall, Paytm Payments Bank and Paytm wallet; it will be available as a separate mobile application to users, Vijay Shekhar Sharma, founder of One97 Communications told Livemint.
To act as an investment advisor, Paytm Money is in the process of seeking approval from the Securities and Exchange Board of India (Sebi). To start with, it may offer mutual fund products to users, report says.
“We ultimately want to be the Charles Schwab of India with a zero-fee brokerage,” added Sharma.
Paytm Money currently has a 40-member team working out of Bengaluru, and is looking to add another 150-plus people over the next 12-18 months.
It reportedly aims to launch in the first quarter of 2018 after receiving regulatory approvals.
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