Paytm Money, the wealth management arm of Paytm’s parent company One97 Communication, has crossed the milestone of having ₹5,000 crore of assets under management (AUM), said a company executive on Twitter.
The development comes just a week after the company received ₹40 crore investment from the parent company One97 Communications, picking up 4 crore equity shares worth ₹10 each.
Not a metric we really measure @PaytmMoney, but yes we crossed ₹5,000 Crores of AUM 🙃🚀🇮🇳
— pj (@BeingPractical) February 18, 2020
For those who are unaware, Paytm Money was launched in September 2018 as a platform for allowing Paytm users to invest in mutual funds. It is selling mutual funds directly to consumers through a low-cost regular plan, eliminating distributor commissions.
The company has reportedly partnered with all 40 AMCs (Asset Management Companies) in India and is also a SEBI registered investment advisor. With its recent approval for stockbroking, the company is now aiming to become a full-stack investment and wealth management services company.
Paytm Money has over 250 employees and the company is being led by Pravin Jadhav, who is designated as its co-founder and director. It has also partnered with rating services MorningStar, CRISIL, and Value Research to ease investment decisions.
The firm has also received approval from the Pension Fund Regulatory and Development Authority and is soon expected to launch a National Pension Scheme service. It has already applied for NBFC to enter the digital lending business.