Paytm Money Conducts Its First Press Event In Ahmedabad
Paytm Money aims to become Gujarat’s No. 1 Digital Wealth Management Platform. The company plans to acquire 3 Mln users from Gujarat in the next 3 Years. Paytm Money CEO, Varun Sridhar presented the company’s Gujrat-focused growth plans to the media in Ahmedabad.
The company’s top management, Chief Financial Officer, Amit Kapoor, and Chief Risk Officer, Prakash Karodia were present at the event.
The event was attended by noted journalists and influencers, who later had a chance to ask one-on-one questions to Paytm Money CEO, Varun Sridhar.
Paytm Money said it is planning to double down on its focus on its key market, Gujarat, to become the most preferred Wealth Management Platform in Gujarat.
The company is the leading driver of wealth creation in the country with over 50 percent ‘new to wealth services’ users availing investment products including Direct Mutual Funds, Stocks, IPO, F&O, ETF, NPS & Digital gold on the platform.
Paytm Money has enabled the masses to start managing their wealth actively and in a safe environment, thus promoting financial inclusion.
Paytm Money now intends to further empower the users by introducing communication and products in popular vernacular languages like Gujarati.
The company has already made deep inroads into the country & now has customers in 99 percent of all pin-codes helping in democratising wealth products & services. It has over 1 million+ users in Gujarat alone, who have invested over Rs 400 crore in Direct mutual funds.
Paytm Money aims to register over 150 percent increase in monthly new SIP registrations and a 200% increase in Total Monthly Investment volumes over the next few months.
The company’s stockbroking initiative is helping to bring in more active direct equity investors in an underpenetrated segment.
Paytm Money aims to open 5mn+ demat accounts in 3 years, and expects over 20%+ of these new users to come from Gujarat. The stockbroking platform maintains a very clean and intuitive interface, while offering sophisticated functionalities for savvy users. Users see simple and advanced charting indicators. Paytm Money is also enabling wealth creation with investments in Initial Public Offers (IPOs), and has made the process of IPO application completely digital & simple. It regularly publishes detailed IPO reviews in Gujarati, which has seen a wide scale reach and adoption across Gujarat.
On Equity, Gujarat is seen as an early adopter of new offerings, with 25% of the company’s equity broking customers from Gujarat holding ETFs. The top 3 cities of Ahmedabad, Surat, and Vadodara contribute over 40% of all Gujarat-based users, and Ahmedabad stands out as one of the top 5 cities in the country for Paytm Money.
The company intends to retain its top position in the market when it comes to digital gold and is set to cross 6,000 kgs of gold transacted through the platform. Digital Gold has become an important part of the wealth portfolio as its safe, 24kt pure, easy to buy from 1INR to 1Cr and a user can take delivery of the physical gold. The company already has more than 2mn digital gold investors from Gujarat.
Apart from this, the company also strives to bring in financial inclusion by educating the masses through initiatives such as Masterclass. So far the response for ETF Masterclass and Foundation Masterclass has been overwhelming. More than 2000 people attended these Masterclasses where experts taught the basics of trading and explained the importance of ETFs to the investors. Paytm Money aims to enable over 1 million Indians to trade and invest in capital markets through its education initiatives.
Varun Sridhar, CEO – Paytm Money said, “There is a strong need for wealth management in India to be democratised, embraced, and adopted by all. Gujarat has been at the forefront of wealth creation in India and is one of our top 3 markets. We are humbled by the trust Gujarati community has shown in Paytm Money over the last 3 years, and believe that Gujarat has the potential to become our top market.
We believe that a majority of growth in Gujarat is going to come from millennials who want to manage their wealth on a mobile phone and are early adopters of equity. We will reach out to 30+ cities in Gujarat over the next 18-24 months, and continuously build and innovate. Delivering a platform that is stable, scalable, and loved by all is just the start.”