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Update: Paytm launches investment arm Paytm Money

by Aakriti Shrivastava One97 Communications Ltd, that runs Paytm, has set up a new entity called Paytm Money Ltd that will offer investment and wealth management products, the company said in a blog. The company is looking to selling these products to customers of its other new entity, Paytm Payments Bank. One97 Communications will reportedly invest close to $10 million upfront in Paytm Money Ltd. One97 has applied to the Securities and Exchange Board of India (Sebi) to launch a Paytm Money as a new wholly-owned subsidiary, the fourth product by the company after Paytm Wallet, Paytm Mall, and the most recent Paytm Payments Bank. Very happy to publicly unveil @PaytmMoney today! Time to #GoBig @BeingPractical & our team in Bangalore. Timely upgrade of my business card ? pic.twitter.com/YpVBVpA8Qb — Vijay Shekhar (@vijayshekhar) January 10, 2018 The new company will be headed by Pravin Jadhav as senior vice-president. Jadhav who previously worked with Rediff and social networking site Wishberg said that Paytm Money will be an entirely technology-led digital product without any offline presence. To start with, it may offer mutual fund products to users and is in discussions with asset management companies to offer these products. Paytm Money plans to capitalize on relatively low investment in the product and double its market share in two years, according to Jadhav. Update: Note that Paytm's blog does not mention Jadhav's tenure as head of growth at FreeCharge. Last year, FreeCharge added investment services with Reliance Mutual Fund. Users could invest in…

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