Paytm Money plans to set up its R&D centre in Pune to develop new wealth management products and disruptions in the city.
With it, the company plans to hire over 250 engineers and data scientists at the facility.
“We believe Pune is poised to become an innovation hub for fintech and was a natural choice for Paytm Money’s expansion plans,” Paytm Money’s CEO Varun Sridhar said.
This is an attempt to provide a slew of new features with an aim to gain market share in the online wealth management industry.
The company already has over seven million users, and by the end of FY21 it hopes to have achieved 10 million users and 75 million yearly transactions, Sridhar said.
It hopes to break even in three years, he added. The new facility will focus on driving product innovation, specifically for equity, mutual funds, and digital gold.
The company is on the verge of crossing 6,000 kgs of Gold volumes. It also plans to educate over a million users about wealth products through different education initiatives.
The online investment platform offers stockbroking, mutual funds, and other wealth management services, including IPO investments in India that were launched recently.
It had also ventured into Futures & Options on its platform. “To increase awareness around wealth products in the country, we plan to educate over a million users about different services through education initiatives,” Sridhar said.
The firm also 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.