- Paytm Money launches investment advisory marketplace
- Paytm Money enjoys a userbase of over 66 lakh
- In under 8 months the platform opened more than 2,10,000 Demat accounts
Paytm Money which is the wealth management division of the digital payments major Paytm, on Tuesday said that it is creating a wealth and investment advisory marketplace on its platform which will offer curated advisory products and services to its retail investors.
Paytm Money has entered in a partnership with investment startup WealthDesk to offer investment portfolios which will be called “WealthBaskets”. A “WealthBasket” will be a custom portfolio of stocks and Exchange Traded Funds (ETFs) created by the Securities and Exchange Board of India (SEBI)-registered investment professionals.
Such stock portfolios are built around specific investment themes and Paytm Money users will be able to invest in multiple “Wealthbaskets” using their free starter pack and also by subscribing to the premium monthly packs which will be available.
Smallcase, a Capital-markets focused fintech, which recently raised $ 40 million as a part of its Series C round offers investment portfolio of stock, called “smallcases”.
Varun Sridhar, Chief Executive Officer of Paytm Money, said, “Paytm Money is building an advisory marketplace that will be a one-stop-shop to cater to the unique needs of this audience. WealthDesk is our first major partner in this journey, and we are excited to offer WealthBaskets, curated investment portfolios created by subject matter experts.
“With this, Paytm Money offers retail investors an opportunity to invest in ideas, themes or trading strategies they believe in with low-cost wealth creation strategies, while also removing unnecessary risks”.
With the launch of the advisory marketplace, Paytm Money is expected to target young and millennial investors, who make up for over 70% of its user base at as of now.
Founder and Chief Executive Officer (CEO) of WealtHDesk, Ujjwal Jain said, “Our partnership with Paytm Money aligns with our vision of democratizing wealth creation on top of broking through flat subscription fee-based WealthBaskets. This takes away the friction of percentage-based investment products and opens up premium yet low-cost wealth creation opportunities to every Indian.
“Analysts create these baskets after extensive research of the company fundamentals and market conditions. WealthDesk is continuing to expand its ecosystem with several such partnerships in the coming months”.
Earlier in September, Paytm Money said it enjoys over 66 lakh users on its platform and saw more than 2,10,000 Demat accounts being opened, in less than eight months, between August 2020 and March 2021.