The large scale expansion of digital technologies in India has helped fintech companies such as Paytm Money to give a strong push to their business. Paytm Money today said that monthly investment volume in systematic investment plans (SIP) rose by 143 per cent on its platform in the last fiscal. The company has completed two years of business and has been able to acquire 66 lakh customers, investing in various financial services. 70 per cent of the investors that the platform holds is 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, Paytm Money CEO Varun Sridhar said in a statement.
Paytm Money further said in a tweet that the company did around 1.5 lakh new SIP registrations in the month of August 2020 and mentioned that there is nothing better than having such disciplined investors on the platform. The firm showed that there were more than 10,000 SIPs registered every day, most of which were from Maharashtra. Delhi, Karnataka, Uttar Pradesh, and Gujarat were the states with the maximum number of SIP registrations on Paytm Money.
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“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 added in the statement. The company underlined that the monthly new SIP registrations doubled on-year 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 the total monthly investment volumes. It also informed that the firm has a total investment of over Rs 20 crore in mutual funds volume.
Meanwhile, the parent firm Paytm last week revealed that its revenue has increased to Rs 3,629 crore and losses have narrowed by 40 per cent. Paytm registered a loss of over Rs 2,500 crore in the last fiscal, while the losses in FY 19 was more than Rs 4,000 crore.
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