One 97 Communications invests over $4 million in its subsidiary Paytm Money

Key Highlights

Paytm money raised $4 Million from parent One 97 Communications Pvt Ltd.

Paytm money has over 1 million users within 6 months of its operation by January 2019

It has partnered with approx 34 asset management companies and several rating agencies including CRISIL and morning star

According to RoC fillings with the Ministry of Corporate Affairs, Paytm money, an online mutual fund platform has raised $4 Million from parent One 97 Communications Pvt Ltd. in exchange of 2.8 crores equity shares each worth Rs. 10.

Paytm money was launched in September 2018 with the commitment from Paytm of $10 million upfront investment. Paytm money is targeting to use these funds in enhancing its operations aggressively. It has taken a step to assist its user to take investment decisions wisely. Under this move, it has partnered with 34 asset management companies and also with several rating agencies including CRISIL and morning star. It has patronized over 1 million users within 6 months of its operation by January 2019.  Paytm money has also released a new feature to help users in tracking the performance of all their mutual funds at a common place i.e. Paytm money app with free of cost. The company took this move to enhance its business by attracting more new customers and providing good facilities to existing ones.

Paytm money claimed to already have 850,000 users registered for quick access to its facilities before its launch. Previous Month Company took an innovative move by releasing “Register sip now, pay later” feature. It is providing customers an opportunity to initiate SIP now and pay later. The company has also hired a new Chief Technology officer, Suresh Vasudevan to look over all technology and engineering functions of the firm. Post this Suresh was President engineering in Paytm mall. 

In the move to expand its business Paytm money has collaborated with Paytm payment bank to initiate wealth management options for bank customers. This partnership assisted customers of paytm payment bank to make their account as a primary bank account in Paytm money for redemption and investment in mutual funds.

It is working hard to use the huge username of paytm to flee ahead of several key players in this domain including Piggy, ETMoney, Sqrrl, Orowealth, Fincash, Kaleidofin, Kuvera, scripbox and several more. 

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