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Paytm Money to invest Rs 250 crore over next 18-24 months, to offer more investment options

Paytm Money, the wholly-owned subsidiary of One97 Communications that operates Paytm, also elevated Pravin Jadhav as Managing Director and Chief Executive Officer

twitter-logo PTI   New Delhi     Last Updated: September 2, 2019  | 17:16 IST
Paytm Money to invest Rs 250 crore over next 18-24 months, to offer more investment options
Paytm Money has over three million users on its investment platform.

Paytm Money, the wholly-owned subsidiary of One97 Communications that operates Paytm, on Monday said it has elevated Pravin Jadhav as Managing Director and chief executive officer, and also plans to invest Rs 250 crore over the next two years.

Founder and CEO of Paytm Vijay Shekhar Sharma said, in the last one year, under Jadhav's leadership, the team at Paytm Money has built an entire organisation, product, and business grounds up.

"As a true entrepreneur, Pravin has made Paytm Money from an idea to India's largest mutual fund investment platform today. As our business expands in stock broking, National Pension Scheme (NPS), and other investment products, I am very proud that Pravin will lead the company as its Managing Director and CEO," he added.

Jadhav was previously serving as the whole-time director. Prior to Paytm Money, he worked with Servify and Rediff.com, and was the founder and CEO of Wishberg.

Paytm Money has over three million users on its investment platform.

"Paytm Money aims to invest Rs 250 crore over the next 18-24 months as it is expected to launch new businesses including stock broking, NPS and more in this financial year," the statement said.

The company has received regulatory approvals for offering stock broking and NPS services to its users and is expected to launch them soon.

Paytm Money aims to become a full-stack investment and wealth management platform.

Also read: Paytm Money eyes up to 50% rise in its direct MF subscription in 6 months with 'switch'

Also read: Paytm valuation rose 25% to $15 billion in latest round, says Vijay Shekhar Sharma

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