Fintech unicorn Paytm on Thursday said it is targeting over 10 million users and 75 million yearly transactions for FY22 for its wholly-owned subsidiary Paytm Money.
Paytm Money is Paytm’s digital investment platform that provides a range of service like stock market transactions, mutual fund investments, gold purchase, etc.
The digital wealth platform has close to seven million users. It has achieved over Rs 5,000 crore in the direct mutual fund investments segment. Paytm Money is now aiming to register over 150 percent increase in new monthly systematic investment plan (SIP) registrations and a 200 percent increase in total monthly investment volumes over the next few months.
On the stock market investment services, the Noida-based firm aims to open over 3.5 lakh Demat accounts and expects 60 percent of users from small cities.
The company aims to retain its top position in the digital gold market and is set to cross 6,000 kg of gold transacted through its platform. According to Paytm Money, it has over 60 million investors in digital gold, with many opting for Gold SIP as a regular saving option.
While over 35 percent of investors are less than 25 years, 80 percent of investors are below the age of 35, and 90 percent are below 40 years, the company said.
Paytm Money CEO Varun Sridhar said, “We strongly believe that wealth management in the country needs to be democratised, embraced, and adopted by all… The next 18 months of innovation, launch of new products, and providing a stable platform is going to be our goal. This is just the start.”
Apart from this, Paytm Money strives to bring in financial inclusion by educating the masses through initiatives, including Masterclasses. It aims to enable over one million Indians to trade and invest in capital markets through its education initiatives.