Paytm Money, the wholly owned subsidiary of One97 Communications that owns and operates Paytm, on Friday announced the launch of ‘investment packs’, its first advisory product. These are customised portfolios of mutual fund schemes created by the company’s in-house advisory team to cater to the investment needs of all types of investors.
Each pack, comprising three-five mutual funds, will take into account the risk appetite of individual investors, and accordingly allocate assets in equity and debt mutual funds. These ‘investment packs’ along with the risk profile assessment will be offered completely free of cost to all users on Paytm Money. Investors can invest via both SIP (systemic investment plan) and lump sum modes.
There will be two types of investment packs: Mini investment packs starting at Rs 2,000 while the large packs starting at Rs 5,000 for SIPs. One can also have a separate ‘investment pack’ only for tax saving purpose as per Section 80C of the Income Tax Act, 1961.
“While we offer our investors a simple and seamless investment execution service along with easiest SIP management, there was always a question from new investors – “where do I invest?”. With ‘Investment Packs’, we aim to bridge this gap by offering customised advisory portfolios and simplifying investments for the first time investors of mutual funds on Paytm Money,” says Pravin Jadhav, Whole-Time Director of Paytm Money.
The Bengaluru-headquartered company received Rs 28.8 crore in a fresh round of funding from its parent One97 Communications earlier this week.
Paytm Money offers commission free investment in direct mutual funds, and has managed to cross over 1 million users within six months of its launch. Recently, it enabled mutual fund investment via UPI, consolidation and tracking of all mutual fund investments, and ‘register SIP & pay later’ feature to make the investment process simpler for its users.