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Homegrown digital financial services platform Paytm on Thursday announced that its wholly-owned subsidiary 'Paytm Money' has launched a new Technology Development & Innovation Centre in Pune.
The company is also planning to expand the team and hire over 250 front-end, back-end engineers and data scientists to build new wealth products and services.
The new facility at Pune will focus on driving product innovation for Paytm Money, specifically for equity, mutual funds, and digital gold.
Varun Sridhar, CEO - Paytm Money said “We are very excited to launch our Pune tech R&D centre and looking forward to developing new wealth management products and disruptions in Pune. We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform. We need solid engineering talent to ensure we meet our ambitions.”
“Pune is famous for its high-quality education and offers a great talent pool along with good infrastructure & great weather. We believe Pune is poised to become an innovation hub for fintech and was a natural choice for Paytm Money’s expansion plans,” added Sridhar.
The company aims to achieve over 10 million users and 75 million yearly transactions in FY'21 with the majority of users from small cities and towns. Its recently launched products include equity broking, IPO, ETF & FNO. Headquartered and operating from Bengaluru, it has a current team of over 300 members.
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