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Paytm sets up 'Paytm Money'; appoints Pravin Jadhav

ANI  |  New Delhi [India] 

on Wednesday announced that it has set up 'Money Limited', a wholly of to build Investment and products for its users.

Money will be the fourth consumer brand from the company after Paytm, Mall and Payments

In addition, has also announced the appointment of as to lead this new venture. An ex-entrepreneur, Pravin led Product and Growth at Servify and in his earlier roles; was the Founder and of

Money is setting up its operations in and plans to launch in the first quarter of 2018 post regulatory approvals.

"We started as a payments platform and expanded customer offerings to with Payments Today, with Money, we have taken the next logical step in the direction of Pravin and his team is on a mission to make easier and accessible to large number of Indians. We aim to increase the size of customer base and bring simple and easy to understand to our consumers," said founder and CEO,

"India's services market have so far focused mainly on the urban segment leaving a huge chunk of the market untapped. I am excited to join Money to build the most and experience for investors. will be a Mutual-Funds first market, we are in discussions with leading AMCs to offer Mutual Fund Investments in Direct Mode for our users," said on his appointment.

is fast evolving from being a pioneer in digital payments to becoming a full-stack financial services company, which offers banking, lending, insurance, and payments; with Money it aims to cover the entire spectrum of and plans to add more investment offerings going forward.

Earlier this year, it launched Payments Bank, a mobile-first with zero charges on all and no minimum balance requirement. The has been designed to help achieve financial inclusion in the country. also recently allowed its millions of merchants to accept unlimited Paytm, UPI, and Card payments directly into their accounts through its QR.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 13:30 IST