Paytm Money is the wealth management arm of One97 Communications Ltd, and the company recently announced plans to allow customers to invest and participate in upcoming initial public offerings (IPOs) in India. Paytm Money has said that it will enable users to instantly apply for the latest IPOs from their Unified Payments Interface (UPI) ID-linked bank accounts and complete the application process within 72 hours.
In addition to the latest product, the platform will provide an interface designed to help users change, cancel, or reapply the bids within the IPO window. New features to help users track upcoming IPOs, view company history, download the draft prospectus, and check the performance of past IPOs will also be added. The newly launched service will be available on the Paytm Money app and the website.
“The Indian startup ecosystem has a growing appetite for entering the capital market. Now more companies want to raise capital from a broader set of investors with a public listing. Investors are also increasingly willing to diversify their portfolios. This presents a big opportunity, and we intend to make the process more accessible. In the near future, we plan to launch IPO funding, derivatives trading, margin finance, and a host of other value-added features to make investing seamless and convenient," said Varun Sridhar, chief executive officer, Paytm Money.
Zerodha, one of Paytm Money’s competitors, launched a similar service in 2019, and has been described by many as one of the largest digital brokers by the number of IPO applications.
Paytm Money claims to have over 6.6 million subscribers, according to a statement issued in September, putting it ahead of Zerodha’s 3 million. Paytm Money also stated that 70% of its users are first-time retail investors, while Zerodha claimed that 65% of its users are new.
The competition is getting more intense as Zerodha recently announced the launch of a new platform to allow users to gift stocks, exchange-traded funds (ETFs), and gold bonds to friends and loved ones. The company also stated that it would allow gifting of mutual funds to minors.
The chief executive of National Payments Corp. of India (NPCI), Dilip Asbe, said in a recent statement that UPI has witnessed 10-times growth in India and is projected to continue growing at the same rate as new use cases are added.
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