Paytm on Wednesday announced that it has set up ‘Paytm Money Limited‘, a wholly owned subsidiary of One97 Communications to build Investment and Wealth Management products for its users.
Paytm Money will be the fourth consumer brand from the company after Paytm, Paytm Mall and Paytm Payments Bank.
In addition, Paytm has also announced the appointment of Pravin Jadhav as Senior Vice President to lead this new venture. An ex-entrepreneur, Pravin led Product and Growth at Servify and Rediff in his earlier roles; was the Founder and CEO of Wishberg.
Paytm Money is setting up its operations in Bangalore and plans to launch in the first quarter of 2018 post regulatory approvals.
Earlier this year, it launched Paytm Payments Bank, a mobile-first bank with zero charges on all online transactions and no minimum balance requirement. The bank has been designed to help achieve financial inclusion in the country. Paytm also recently allowed its millions of merchants to accept unlimited Paytm, UPI, and Card payments directly into their bank accounts through its QR.