Paytm Money, a wholly owned subsidiary of IPO-bound Paytm, has partnered with WealthDesk, a start-up, to offer curated investment portfolios called WealthBaskets. Available on Paytm Money app, a WealthBasket is a custom portfolio of stocks/ETFs created by SEBI-registered investment professionals, and is backed by years of research and backtesting.
The partnership with WealthDesk is the first step of Paytm’s efforts to create a wealth and investment advisory marketplace on its platform, to offer curated advisory services and products to retail investors.
Super app
With an advisory marketplace, Paytm Money users get access to curated, and low-cost advisory services and products on Paytm Money app. This positions Paytm Money as a super app for wealth management in India
These portfolios are created around certain themes that users can relate to. For example, investors who believe in the long term prospects of promoting manufacturing in India can invest in the ‘Make in India’ WealthBasket, which includes stocks that are well placed to benefit from this theme. Users will be able to invest in multiple Wealthbaskets via the free starter pack or by subscribing to premium monthly packs available.
Cost-effective
WealthBaskets offer high transparency, liquidity, and control, as investors hold the portfolio stocks/ETFs in their respective Demat accounts, and are very cost-effective with no variable charges associated with incremental investments.
Paytm Money CEO, Varun Sridhar said in a statement “We have seen a surge in investment activity by Gen-Z and millennial investors on our platform over the last two years. Paytm Money is building an advisory marketplace that will be a one-stop shop to cater to the unique needs of this audience. WealthDesk is our first major partner in this journey, and we are excited to offer WealthBaskets, curated investment portfolios created by subject matter experts.
With this, Paytm Money offers retail investors an opportunity to invest in ideas, themes or trading strategies they believe in with low-cost wealth creation strategies, while also removing unnecessary risks.”
Also read: Equity investing: Paytm Money app gaining traction
With the expansion of the Advisory marketplace, investors will get everything they need to invest and grow their wealth in one app. This is expected to have a major appeal for young and millennial investors, who constitute more than 70 per cent of Paytm Money’s User base (aged under 35)
Ujjwal Jain, Founder & CEO of WealthDesk said, “Our partnership with Paytm Money aligns with our vision of democratizing wealth creation on top of broking through flat subscription fee-based WealthBaskets. WealthBaskets are backtested for 20 years for their performance. Analysts create these baskets after extensive research of the company fundamentals and market conditions.
WealthDesk is continuing to expand its ecosystem with several such partnerships in the coming months. “We are confident about building simplified and affordable wealth creation opportunities for millions of Indians. WealthBaskets will be currently offered to a select set of users before a broader public release. Registrations are now open for early access on Paytm Money App,” the release added.