One97 Communications, Parent company of Paytm has pumped Rs. 60 Crore in fresh trench into it’s wealth management arm Paytm Money. This latest fund infusion is expected to help Paytm Money in it’s expansion, growth and new product launches.
Earlier this year in July, One97 had announced to infuse Rs. 250 Crore in Paytm Money, over the period of 12 to 18 Months. Paytm Money had bagged Rs. 40 Crore from it’s parent entity 2 months ago. Unlike it’s previous investments, the company is likely to use it towards product sourcing, strengthening technology, and expanding its team.
Post the resignation of MD & CEO Pravin Jadhav, Paytm Money roped in Varun Sridhar as its new Chief Executive Officer. Sridhar’s appointment came just before the company’s plan to enter the stockbroking segment. Since his arrival, Sridhar has been busy launching equity brokerage features along with mutual funds, NPS, and gold services.
As per the regulatory filings, Paytm Money has allotted One97, 600,00,000 equity shares at the rate of Rs. 10 Per share.
The company had spent around Rs 37.62 crore in total to generate a turnover of Rs 76.26 lakhs in FY19, while the latest financials are still awaited. The company competes with Zerodha, Ind Money, Groww amongst others.