Paytm Money, the payments company's wealth management arm, is reportedly set to commence operations in the next six to eight weeks. According to a report on the Economic Times, the company received the approval of the Securities and Exchange Board of India (SEBI) last week, along with a dozen other asset management companies (AMCs). The launch of Paytm Money was announced in January. It was reported that One97 Communications, Paytm's parent company, will invest $10 million upfront in the newly created wealth management arm. The new company will be headed by Pravin Jadhav as senior vice-president. Jadhav, who previously worked with Rediff and social networking site Wishberg, had said that Paytm Money will be an entirely technology-led digital product without any offline presence. Paytm Money plans to integrate 10-12 AMCs on board the platform before commencing operations and will try to add 30-35 more within the next 12 months, Jadhav told ET. The service will be launched as a separate app on various app stores, he added. Jadhav said he wants to build Paytm Money, unlike the parent Paytm app, as an engagement product where customers will come for much more than only transactions, since wealth management is a different business altogether. According to ET, Paytm plans to target an average investment of Rs 1,500-2,000 per user versus the industry average of Rs 30,000-55,000. By targeting lower investments the company wants to reach consumers beyond the top 15 urban locations. To start with, it may offer mutual fund products to…
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