Paytm Money Now Live With Stock Broking Services And MF Trades

MUMBAI: Paytm’s wealth management subsidiary Paytm Money has gone live with its stockbroking service for all customers. The company aims to register 1 million new retail investors on the platform by close of the ongoing fiscal year in March 2021, according to Varun Sridhar, the newly appointed CEO of Paytm Money, leveraging on the demand for equity trading among first-time users. According to a statement shared by Paytm with ET, the platform’s early access version saw 220,000 users registering on Paytm Money for retail stockbroking. Paytm Money faces competition from Zerodha, Upstox and Groww, among startups, and traditional players such as ICICI Securities and Motilal Oswal. In an interview with ET last month, Sridhar had explained Paytm Money’s business model as a mix of commissions on intraday trades, interest income on loan against shares, and subscription income from select services that will be launched over the next few months in a 60%-20%-20% mix, respectively. “The platform witnessed higher adoption from tier 1 cities such as Mumbai, Bengaluru, Hyderabad, Jaipur and Ahmedabad. Smaller cities such as Thane, Guntur, Bardhaman, Krishna and Agra are also showing high traction,” Paytm said. The Bengaluru-based Paytm Money has also set plans to launch more complex features on the platform, including commodity and derivative trades by next year, Sridhar had told ET..