One97 Communications Ltd, that runs digital payments firm Paytm, has proclaimed the appointment of Pravin Jadhav as senior vice-president to steer its new investment arm, Paytm cash Ltd.
Jadhav was the founder and chief officer of social wishlist startup Wishberg. when it shut search in 2014, he joined digital recharge platform Free Charge as head of growth before effort in June 2016.
His career conjointly includes stints at news and looking portal Rediff.com and device management platform Servify.
Paytm cash, a wholly-owned subsidiary of One97 Communications, can build investment and wealth management merchandise for its users. Services are accessible through a mobile application.
It is One97’s fourth client whole when Paytm Mall, Paytm Payments Bank and digital notecase Paytm.
Paytm cash is putting in search in Bengaluru and can obtain approval from capital market regulator Securities and Exchange Board of Asian country (SEBI) to start operations.
“India are a mutual funds-first market,” aforementioned Jadhav. “We square measure in discussions with leading plus management corporations to supply investment trust investments in direct mode for our users.”
He additional that Paytm cash can target associate audience section untapped by existing players UN agency concentrate on urban customers.
Paytm aforementioned the venture was the newest chapter within the company’s evolution from a digital payments platform to a full-stack monetary services company.
“We started as a payments platform and enlarged client offerings to deposits with Paytm Payments Bank.
Today, with Paytm cash, we've taken following logical step within the direction of wealth management,” aforementioned Paytm founder and chief officer Vijay Shekhar Sharma.
Growth spurt
Paytm had associate eventful 2017 on the rear of a vast spurt in cashless payments when the government’s call in late-2016 to try and do away with eighty six of the currency of circulation.
It launched e-commerce marketplace Paytm Mall in February. 3 months later, it started Paytm Payments Bank.
In May, One97 raised $1.4 billion from Japan’s SoftBank cluster to expand its user base and build a collection of monetary services merchandise.
The firm was valued at over $7 billion at the time.
Its different investors embrace SAIF Partners, Alibaba Holding Ltd and hymenopteran monetary Services cluster.
Last month, Paytm proclaimed a merger between very little and Near buy to form the most important on-line deal discovery platform in Asian country.
In Gregorian calendar month, Paytm proclaimed investment of concerning Rs 5,000 large integer ($769 million) in its payments business over following 3 years.
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