 "SIP investments up 143%, monthly registration doubled in FY20: Paytm Money")
Digital financial services firm Paytm Money on Monday said that monthly investment volume in systematic investment plans (SIP) has risen by 143 per cent on its platform in 2019-20.
The company said that it has completed two years of business and has been able to acquire 66 lakh customers to invest in various financial services out of which 70 per cent users were the first time investors.
"Over the last two years, we have enabled new users from small cities and towns to invest with confidence by providing innovative & personalized services. We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion," Paytm Money CEO Varun Sridhar said in a statement.
The company said it registered a 100 per cent increase in monthly new SIP registrations on a year-on-year basis in 2019-20.
"In the last financial year, Paytm Money registered over a 100 per cent increase in Monthly New SIP registrations and a 143 per cent increase in Total Monthly Investment volumes. It now clocks total investment of over Rs 20 crore in mutual funds volume," the statement said.
The parent firm of the company Paytm last week announced that its revenue has increased to Rs 3,629 crore and losses have narrowed by 40 per cent.
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The loss of Paytm in 2019-20 was Rs 2,597.46 crore while in 2018-19 the company had posted a loss of Rs 4,150.47 crore.
Paytm Money said that over 2.5 lakh users have registered for its stockbroking service in less than a month of its launch.
"We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion. With the launch of our stockbroking platform, we plan to repeat the disruption we bought to the mutual fund industry and in a few years be the number one equity platform," Sridhar said.