Paytm Money on Wednesday said that it is targeting 10 million users and over 75 million transactions by FY22.
The wealth management arm of Paytm offers services such as investments in mutual funds, stocks, initial public offerings (IPO), digital gold, futures and options (F&O), and exchange traded funds, and claims to have more than 7 million users. It has recently clocked ₹5,000 crore in direct mutual funds investments.
Paytm Money expects over 150% growth in systematic investment plan registrations and 200% increase in monthly investment volumes over the next few months.
The One97 Communications Ltd (OCL) subsidiary is also looking to open 350,000 demat accounts in 2021 and expects 60% of its stockbroking user base from small cities.
“We strongly believe that wealth management in the country needs to be democratized, embraced and adopted by all. Technology innovation and a stable product have allowed us to bring direct mutual funds and gold to everyone, as well as offer equity delivery for free and all FN/intraday orders as low as ₹10,” said Varun Sridhar, CEO, Paytm Money.
The company has also been betting big on its digital gold category. It said it is set to cross 6,000 kg of digital gold transactions on the platform within the next few months.
Currently, over 35% of its users are less than 25 years, 80% below 35 years and 90% are in the sub-40 age group, the company said.
In an interaction earlier this year, Paytm founder Vijay Shekhar Sharma had told Mint that Paytm Money will raise an additional ₹500 crore from OCL as it looks to break even in the next 12-18 months.
This article was first published on livemint.com