Paytm Money, digital investment platform of One97 Communications, says it aims to introduce stockbroking to everyone. Including those — auto driver, corner shop owner, millennial crowd — who have never done this.
Like its payments bank, where Paytm targets users who might not have a bank account, Money plans to bring in extremely small packets of broking options. Users could start with Rs 100 investments in stocks.
“We will be starting a stock broking service, depository account for shares, national pension scheme (NPS; it has permission from the sector regulator) and exchange-traded funds this financial year. We are aiming for a million accounts in our stockbroking business. The idea is to encourage everyone, from maybe an autorickshaw driver to people already using our mutual funds services, to start investing in stocks,” said Pravin Jadhav, director.
The company has similarly made mutual funds accessible to a large number of new users. The platform has got in a host of new investors from tier-III and tier-IV cities. Paytm Money also offers free risk assessment and advisory investment portfolios to new users.
“The ease of access to information and awareness around mutual funds is making more millennials adopting these investments as means to grow wealth. They are seeking professional investment advice and validate it against data by taking informed investment decisions. Paytm Money will support them in the journey — investors can invest, manage and track their investments,” Jadhav said.
On Paytm Money, people can start a Systematic Investment Plan (SIP) with as low as Rs 100. Almost 80 per cent of investors here do choose the SIP route.
They usually start small and later top it up as income increases. On an average, the platform is witnessing 2.4 SIPs per user, higher than any other entity in the sector.
Paytm Money, headquartered in this city, has a team of around 250, with plans to add another 150. The aim is a full-stack investment and wealth management platform.