On Monday, the Paytm Money announced the launch of the stockbroking feature on its wholly-owned platform for investment and it will be available for all its users. The company announced that they are going to provide this service with zero brokerage on delivery order, INR 10 for intraday.
Paytm money is an investment advisor registered with SEBI and is the easiest platform which is also the most transparent and assessable. The platform aims to help people in the management of their wealth as most of people know how to earn but has very restricted knowledge when it comes to its management and investment.
The platform provides the option to invest in different investment options like the stock market, mutual funds, and National Retirement system retirement plans.
Being one of the unicorns in India, the company has shown the tremendous potential it has. The company has launched this feature in cities like in Mumbai, Bengaluru, Hyderabad, Jaipur, and Ahmedabad, and some of the small cities like Thane, Guntur, Bardhaman, Krishna, and Agra, and has received a positive response from everywhere. Now, this new feature is available on iOS and Android, along with stock charts, track movers, and fundamentals of the company. The main target of the company is people from small towns and cities.
In its early access program, Paytm money successfully registered 2.2 lakh investors, exclusively for its stockbroking feature. Out of these 2.2 lakh investors, 65% are chiliastic. This new feature is meant to attract higher involvement in investing with a product which is to use for its investors, without thinking about brokerage.
The company is expecting at least 10 lakhs investors on-board until the fiscal year 2021. The company announced that their efforts are aligned to drive higher sticking in investing with an easy to use product, low pricing (zero brokerage on delivery orders, Rs 10 for intraday) and digital KYC with paperless account opening.”
According to the founder and CEO of the company Varun Shridhar who was appointed as the CEO of Paytm Money last July only, the company aims to democratize wealth management services that will contribute to the Atmanirbhar Bharat. The company believes that it is a great opportunity for them to enable millennials and new investors which will help them in building their wealth portfolio. The extensive adaptation of stock trading on the Paytm money during such a short period holds considerable importance and shows how much the investors believe in the company and its efforts towards the democratization of digital investing in the country.
There will be zero paperwork for documentation, seamless KYC, automated payment, updated portfolio, and powerful insights which will help the investors in making well-informed decisions, which will generate more wealth for the investors.
According to Shridhar, the company is planning to launch the more complex features on the platform by next year which includes commodities and derivative trades. Earlier this month, Paytm Money successfully surpassed Zerodha, which is one of the largest stock brokerage firms in the country by a remarkable number of 6.6 million investors. The company reported sales of approximately Rs.20 crore worth mutual fund last month.
During the last financial year, the company reported that it has registered a 100% increase in monthly Special investment plans (SIP) registrations in addition to a 143% increase in gross monthly investment volumes.