Paytm Plans To Foray Into Mutual Fund Distribution
Digital payment and ecommerce company Paytm is planning to expand its financial services offering by distributing mutual funds via its platform Paytm Money.
The company aims to double the reach of mutual funds in the India, Vijay Shekhar Sharma, founder, Paytm told BloombergQuint today on the sidelines of India Economic Summit in Mumbai. He, however, didn’t elaborate on the timeline for achieving this target.
Our role would be to provide a platform where people can get their wealth-related advise and execute mutual fund investments through our platform.Vijay Shekhar Sharma, Founder, Paytm
Total asset under management across Indian mutual funds stood at Rs 21.36 lakh crore in March 2018, according to Association of Mutual Funds in India data.
“It is the start of our wealth management business and we are hopeful. Our objective is to distribute (mutual funds) to a larger audience,” Sharma said.
The company is also planning to offer current account services to its banking customers in the short term, he added.