Paytm Money, the wealth management arm of digital payments major Paytm, is set to open up IPO investments for its users, the company said in a press note on Monday. This is part of the Alibaba- and Softbank-backed Paytm’s overall aim to expand its financial services bouquet and match larger tech brokers such as Upstox, Zerodha and 5Paisa in terms of offerings.
“In the near future, we plan to launch IPO funding, derivatives trading, margin finance and a host of other value-adding features to make investing seamless and convenient. This is aligned with our mission to drive financial inclusion across the country,” said Varun Sridhar, Chief Executive Officer, Paytm Money.
Paytm needs its ancillary business bets to work out since its core payments business continues to be a low-margin and mostly zero revenue game. While on the one hand it is offering banking, on the other it is offering loans and credit cards hoping to recover losses incurred in the core payments business. Paytm Money has also been losing money.
As of 2019, the company spent Rs 37 crore to generate a turnover of Rs 76 lakh. Its 2020 filings have not been made public yet.
Also Read : CORONA UPDATE : 38,772 CASES, 443 DEATHS REPORTED IN LAST 24 HOURS IN INDIA
