One97 Communications, the parent company behind digital wallet major Paytm, has invested $1.3 million (approx: INR 9 Cr) in its wealth management unit Paytm Money, according to filings made by it with the ministry of corporate affairs (MCA).
Paytm Money, headquartered in Bengaluru, was set up in November 2017 to focus on building investment and wealth management products for Paytm users.
With it’s latest offering, the leading Indian e-commerce player is looking to gain the role of an advisor rather than a distributor, stated an official statement by Paytm. “The aim is to increase the size of the wealth-management customer base and bring simple and easy-to-understand wealth products to consumers,” Vijay Shekhar, Paytm founder said.
Paytm Money is company’s fourth consumer brand after Paytm, Paytm Mall, and Paytm Payments Bank.
Led by entrepreneur V Shekhar, Indian e-commerce payment system and digital wallet major, in recent times has seen a spike in a number of people opting for its tech-enabled web platform and mobile-based application, especially, post–demonetisation exercise of the Indian Government.
In may this year, the digital payments major has announced that more than 100 million of its mobile wallet customers have completed Know-Your-Customer (KYC) process, as mandated by the Reserve Bank of India (RBI).
Its parent company, One97 Communications, since 2016, has divided its businesses into multiple portfolios: Paytm Payments Bank, Paytm Ecommerce, Paytm Financial Services among others.