● Ahmedabad facility to become a prominent centre for expansion across the state
● Setting up an expert client team that will focus on Ahmedabad, Baroda, Surat, Rajkot and Mehsana in Phase 1 and expand later in other cities
● Plans to leverage existing merchants to acquire and promote the investment platform under the affiliate model
● Ahmedabad has become one of the leading cities in India and has a very attractive talent pool, vibrant investment culture, solid infrastructure for us to build a significant capital markets business in Gujarat
India’s leading digital ecosystem for consumers and merchants (1) Paytm today announced that its wholly-owned subsidiary Paytm Money has launched its first wealth management sales office in Ahmedabad. It also plans to hire ~100 people across Gujarat, consisting of a front-end sales team, market experts and investment advisors to expand the company’s presence across the key cities of Ahmedabad, Baroda, Surat, Rajkot, Mehsana and beyond in the coming year. The company’s increased focus on the state stems from its target to become the most preferred Wealth Management Platform in Gujarat.
With over 1 lakh existing users, Gujarat is already one of the top states in terms of transaction volume on the Paytm Money platform. More than 11% of the IPO applications on the platform come from Gujarat, making it the most important region in the country. Also, these users have the highest participation in F&O trading and ETF investments. Now, with a physical presence in Ahmedabad, Paytm Money is aiming to accelerate the onboarding of new users from the state and increase the overall relationship value & trading volumes.
The company has already set up a DIY assistance desk to help clients from the state complete the on-boarding process. Paytm Money’s popular educational videos and experts series will soon be available in the Gujarati language.
Varun Sridhar, CEO, Paytm Money said, “Our focus is to be closer to a customer, communicate in the language our users speak and build long term trust. Paytm Money continues to build a super app for investing & trading with great pricing. For example, our F & O pricing of 10 per order, lowest in India for best in class brokers is very popular amongst traders in Gujarat. Our existing merchant/referral network in Gujarat will be a big competitive advantage and we are also welcoming local IFAs, affiliates and digital partners. Our first ever investment office across India is in Ahmedabad and is an important step for Paytm Money.
Over the last 12 months, Paytm Money has launched a slew of new products and services aimed at empowering seasoned investors as well as new-to-investment users. This includes features like Margin Pledge, GTT, F&O Dashboard, voice trading etc. Recently, It introduced Portfolio Management Services (PMS), which is an investment service offered to HNIs with SEBI mandating a minimum investment of INR 50 Lakhs – through a tie up with PMS Bazaar. The platform also enables users to attend live sessions in Paytm Wealth Community conducted by subject matter experts across an array of wealth topics like Stocks, F&O, IPO, ETFs, Mutual Funds and Personal Finance.