Paytm Money adds investment advisory platform
The company has partnered with WealthDesk, an investment startup to offer investment portfolios called WealthBaskets.
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Hyderabad Paytm, a leading digital ecosystem for consumers and merchants, announced that its wholly owned subsidiary Paytm Money is expanding to create a wealth and investment advisory marketplace on its platform, to offer curated advisory services and products to retail investors.
In a first step towards democratising wealth creation, the company has partnered with WealthDesk, an investment startup to offer investment portfolios called WealthBaskets.
Available on Paytm Money app, a WealthBasket is a custom portfolio of stocks/ETFs created by Sebi registered investment professionals and is backed by years of research and back testing. These portfolios are created around certain themes that users can relate to. For example, investors who believe in the long-term prospects of promoting manufacturing in India can invest in the 'Make in India' WealthBasket, which includes stocks that are well placed to benefit from this theme.
Users will be able to invest in multiple Wealthbaskets via the free starter pack or by subscribing to premium monthly packs available. WealthBaskets offer high transparency, liquidity, and control, as investors hold the portfolio stocks/ETFs in their respective Demat accounts and are very cost-effective with no variable charges associated with incremental investments.
Varun Sridhar, Paytm Money CEO, said: "Paytm Money is building an advisorymarketplace that will be a one-stop shop to cater to the unique needs of this audience. WealthDesk is our first major partner in this journey, and we are excited to offer WealthBaskets, curated investment portfolios created by subject matter experts. With this, Paytm Money offers retail investors an opportunity to invest in ideas, themes or trading strategies."
Ujjwal Jain, Founder and CEO, WealthDesk, said: "Our partnership with Paytm Money aligns with our vision of democratizing wealth creation on top of broking through flat subscription fee-based WealthBaskets. Analysts create these baskets after extensive research of the company fundamentals and market conditions. WealthDesk is continuing to expand its ecosystem with several such partnerships in the coming months."
