PaytmMoney sets target of 10 million users

Paytm Money on March 3 said it plans to expand its user base to 10 million and register more than 75 million transactions in the fiscal year 2021-22.

The investment platform, a unit of One97 Communications, aims to open 350,000 demat accounts in 2021 and expects 60 percent of its stockbroking user base from small cities.

The company has over 7 million users and recently recorded Rs 5,000 crore in direct mutual fund investments, as per the report.

"We strongly believe that wealth management in the country needs to be democratized, embraced and adopted by all. Technology innovation and a stable product have allowed us to bring direct mutual funds and gold to everyone, as well as offer equity delivery for free and all FN/intraday orders as low as Rs 10," Varun Sridhar, CEO, Paytm Money said.

Paytm Money also said it is expecting an increase of 150 percent in systematic investment plan (SIP) registrations and a 200 percent jump in monthly investment volumes over the next few months.