LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Paytm Money Unveils Mutual Funds App, Aims to Offer SIPs at Just Rs 100

The Indian digital wallet company is offering systematic investment plans (SIPs). It plans on providing SIPs for as low as Rs 100 in some of its schemes as it targets individual investors sitting in Tier 2-3 cities.

News18.com

Updated:September 4, 2018, 2:32 PM IST
facebookTwittergoogleskypewhatsapp
Paytm Money Unveils Mutual Funds App, Aims to Offer SIPs at Just Rs 100
Image for representation only.
Loading...
New Delhi: Paytm Money Ltd launched its own app for mutual fund investments on Tuesday with a target to sell mutual fund to around 25 million people in the next three to five years. In order to offer direct plans of mutual funds, Paytm has partnered with 25 asset management companies.

The Indian digital wallet company is offering systematic investment plans (SIPs). It plans on providing SIPs for as low as Rs 100 in some of its schemes as it targets individual investors sitting in Tier 2-3 cities.

“About 50 million investors will be invested in mutual funds by the next three to five years. In that 50 million, we want to have a majority share, so around 20-25 million people,” Pravin Jadhav, whole-time director of Paytm Money told Moneycontrol.

Paytm, the wholly-owned subsidiary of One97 Communications Ltd, claims that as many as 850,000 users have already registered on its newly launched platform.

Out of these registered users, 65 percent of the people are from beyond the top 15 cities of the country, said Jadhav.

Recently, Warren Buffett's Berkshire Hathaway Inc has acquired a Rs 2,500 crore stake in Paytm, its first investment in the country's burgeoning startup ecosystem.

In a statement, One97 Communications Ltd, which owns the Paytm brand, said US-based Berkshire Hathaway would have a member on the company board in lieu of the investment but did not disclose the size of the deal or the stake sold.

However, people with direct knowledge of the development said Berkshire could have bought 3-4 per cent stake for about $300-350 million (about Rs 2,500 crore), valuing the Indian firm at over $10 billion.

Berkshire, which has traditionally invested in companies in sectors like consumer, energy and insurance, joins Japanese giant SoftBank that had last year bought a reported 20 per cent stake in Paytm for an estimated $1.4 billion (over Rs 9,000 crore).

Catch the biggest newsmakers and the biggest newsbreaks on CNN-News18, the only news destination. Keep watching CNN-News18 at just 50 paise per month. Contact your cable/DTH operator now!

*Rental/capacity fee of Rs. 130/- as charged by cable/DTH operator may apply. **GST extra.
| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Reliance 1,184.35 4.40
Jet Airways 281.20 -1.44
Yes Bank 198.60 -1.44
HUL 1,744.10 -0.42
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Reliance 1,182.95 4.34
ICICI Bank 371.90 -0.39
Jet Airways 281.35 -1.21
Yes Bank 198.25 -1.59
Top Gainers
Company Price Change %Gain
Reliance 1,184.35 4.40
Wipro 346.15 3.21
Kotak Mahindra 1,240.20 1.66
Hindalco 208.80 1.36
Adani Ports 399.30 1.22
Company Price Change %Gain
Reliance 1,182.95 4.34
Kotak Mahindra 1,237.35 1.41
HCL Tech 964.50 1.02
Asian Paints 1,401.30 0.85
ONGC 146.25 0.79
Top Losers
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Bharti Airtel 311.15 -6.29
GAIL 322.15 -3.08
Larsen 1,317.90 -2.09
HPCL 239.50 -1.92
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Bharti Airtel 310.95 -6.42
Larsen 1,318.25 -2.07
Axis Bank 664.30 -1.77
Yes Bank 198.25 -1.59

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results