Paytm’s wholly-owned subsidiary ‘Paytm Money’ has announced the launch of its new Technology Development & Innovation Centre in Pune. In a statement, the digital payments company adds that it plans to hire over 250 front-end, back-end engineers and data scientists to build products and services. Paytm Money’s success can be attributed to seamless, hassle-free technology, lower or no cost delivery of stocks & FNO trades, as well as the lowest commission in the industry for best-in-class brokers. Paytm Money that has a standalone app approved by SEBI, offers investment execution and advisory services to investors. The company says that the platform “thrives to simplify investments and wealth creation for retail investors.” The new facility at Pune will focus on “driving product innovation, specifically for equity, mutual funds, and digital gold.”
Varun Sridhar, CEO at Paytm Money said that the R&D centre would help in developing new services for customers. “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,” the senior executive added in the statement.
Paytm Money notes that the platform aims to add over 10 million users with 75 million yearly transactions for the financial year 2021. The company also wants to achieve most users from small cities and towns in India. Paytm Money claims it has become one of the largest platforms for Digital Gold and is set to cross 6000Kgs of Gold volumes. Its recently launched products including equity broking, IPO, ETF & FNO are encouraging new investment users to build a robust portfolio. To increase awareness around wealth-products in the country, the company plans to educate over a million users about different services through education initiatives.