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Paytm Money, a wholly owned subsidiary of Paytm, has opened its first wealth management sales office in the country in Ahmedabad.
The Ahmedabad facility is expected to emerge as a prominent centre for expansion across Gujarat, where Paytm Money aims to become number 1 trading and investment platform.
Paytm Money also plans to hire about 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 Gujarat stems from its target to become the most preferred wealth management platform in Gujarat.
Top State
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 per cent 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 and trading volumes .
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. 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 sales office across India is in Ahmedabad and is an important step for Paytm Money.”
The company has already set up a DIY assistance desk to help clients from Gujarat complete the on-boarding process. Paytm Money’s popular educational videos and experts series will soon be available in Gujarati language.
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 ₹50 lakh, through a tie up with PMS Bazaar.
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