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Paytm Money to invest INR 2.5 bn to expand its Wealth Management business.

Image result for pravin jadhav paytm money

Pravin Jadhav, MD&CEO, Paytm Money

In a bid to expand its wealth management business, Paytm Money, India’s largest online platform for mutual fund investments, plans to invest INR 2.5 billion over the next 18-24 months to launch new businesses including Stock Broking, NPS and more in this financial year. The company has got required regulatory approvals for the same and has elevated its whole-time Director Pravin Jadhav to Managing Director and Chief Executive Officer.

Paytm Money, a wholly-owned subsidiary of Vijay Shekhar Sharma-promoted One97 Communications, has partnered with about 40 AMCs (Asset Management Companies) offering investments in direct plans.

Vijay Shekhar Sharma, Founder of Paytm, said, “In last one year, under Pravin’s leadership, the team at Paytm Money has built an entire organisation, product, and business grounds up. As a true entrepreneur, Praveen has made Paytm Money from an idea to India’s largest mutual fund investment platform today. As our business expands in Stock Broking, NPS, and other investment products, I am very proud that Pravin will lead the company as its Managing Director & CEO.”

An ex-entrepreneur himself, Pravin is well recognised and followed in the Indian internet and startup domain as a product and growth leader. With near two decades of professional experience, before starting with Paytm Money he served as the Chief Product and Growth Officer at Servify. Prior to that, he has led Product Management for e-commerce & mobile at Rediff.com, and was Founder & CEO of Wishberg.

Pravin Jadhav, Managing Director & CEO, Paytm Money said, “Everyday we continue to build Paytm Money to manage user’s trust. It has been an exciting journey so far with Paytm Money and I am looking forward to the massive opportunity that lies in front of us to make investments more simpler, transparent and accessible to millions of Indians.”

The Bengaluru-headquartered company currently has over three million users on its investment platform and is the single largest contributor of SIPs to the mutual funds’ industry, also contributes to about 40% of all SIPs registered in Direct Mode.

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