 "Paytm Money aims to onboard over one million investors this fiscal")
Paytm's wholly-owned subsidiary Paytm Money on Monday said it aims to onboard over 10 lakh investors this fiscal for its stockbroking services.
Paytm Money, which had started early access programme for the stockbroking service, has already registered over 2.2 lakh investors, a statement said.
"The company aims to onboard over 10 lakh investors this fiscal with the majority of them as first-time users from small cities and towns...The company is striving to become the most comprehensive online wealth management platform in India driving financial inclusion for the masses," it added.
These efforts are aligned to drive higher penetration 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, the statement said.
Paytm Money said 65 per cent of the users who signed up in the early access programme are in the age group of 18-30 years, and that the platform witnessed higher adoption from tier-1 cities such as Mumbai, Bengaluru, Hyderabad, Jaipur and Ahmedabad.
Smaller cities such as Thane, Guntur, Bardhaman, Krishna and Agra are also showing high traction, it added.
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"We aim to democratise wealth management services that contribute to the growth of Atmanirbhar Bharat. We believe it's an opportunity for us to enable millennials and new investors to build their wealth portfolio," Paytm Money CEO Varun Sridhar said.
He added that the company's technology-enabled solutions will help make stock investing simple and easy, and that the company remains committed to being a comprehensive wealth management platform for every Indian.
Apart from investing in stocks, users can create customisable watchlists, and set price alerts for 50 stocks. They can also set weekly/monthly SIPs for stocks and automate stocks investing.