Industry

‘Each Paytm Money user invested ₹70,000 in FY21’

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Paytm Money said its users invested an average of ₹70,000 in various asset classes in FY21, with mutual funds (MFs) being one of the more popular choices.

Some 64% of users invested in MFs, 28% in equity and the rest in gold, Paytm said in a report.

Some 44% of the total user base belonged to five States viz. Maharashtra, Gujarat, Uttar Pradesh, Delhi and Karnataka, it added.

Interestingly, over 80% of investors were below 35 years of age. Also, the platform has seen the number of female investors, who experimented and invested using the platform, double compared with last year.

Some of the most sold MFs on the platform during the last fiscal included Axis Bluechip Fund (Growth Plan) with 1.2 lakh users investing more than ₹200 crore in this fund.

“In the last one year, we have seen a transformation in the way our users invested,” said Varun Sridhar, CEO, Paytm Money said.

“We believe that wealth management needs to be democratised, embraced and adopted by all.”

Paytm Money users opened 2.1 lakh demat accounts between August last year and March.


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Printable version | Sep 24, 2021 6:30:11 AM | https://www.thehindu.com/business/Industry/each-paytm-money-user-invested-70000-in-fy21/article35690383.ece

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