India’s homegrown digital financial services major Paytm’s wholly-owned subsidiary 'Paytm Money' has set a target of adding over 10 million users and 75 million yearly transactions in 2021-22. Aimed at expanding financial inclusion, the company facilitates small ticket investments and trading at even Rs 10 per order.
A company statement said that Paytm Money seeks to encourage the masses to start managing their wealth actively and in a safe environment.
The statement added that the company has made deep inroads into the country and now has customers in 99 per cent of all pin-codes helping in democratising wealth products & services. It has over 7 million users and has also achieved over Rs 5000 crore in direct mutual funds investments.
"We strongly believe that wealth management in the country need to be democratised, embraced, and adopted by all. Technology innovation and a stable product have allowed us to bring direct mutual fund and gold to everyone and offer equity delivery for free and all FN/intraday orders as low as Rs. 10. With our 360-degree approach to providing investment solutions, we have become the leading driver of wealth creation in the country,” Varun Sridhar, CEO - Paytm Money said.
While over 35 per cent of its subscribers are less than 25 years, 80 per cent are less than the age of 35 years and 90 per cent are less than 40 years.