Digital payments and financial firm Paytm on Thursday announced that its wholly-owned subsidiary, Paytm Money, is launching a wealth and investment advisory marketplace on its platform to offer curated advisory services and products to retail investors.
Paytm Money has partnered with start-up WealthDesk to offer investment portfolios called ''WealthBaskets'' as the first step to build up the advisory ecosystem.
A ''WealthBasket'' is a custom portfolio of stocks and exchange traded fund created by Securities and Exchange Board of India (SEBI)-Registered investment professionals and users will be able to invest in multiple Wealthbaskets via the free starter pack or by subscribing to premium monthly packs available, the statement said.
"We have seen a surge in investment activity by Gen-Z and millennial investors on our platform over the last 2-years. Paytm Money is building an advisory marketplace that will be a one-stop shop to cater to the unique needs of this audience. WealthDesk is our first major partner in this journey," Paytm Money CEO, Varun Sridhar said in a statement.
With the expansion of the Advisory marketplace, investors will get everything they need to invest and grow their wealth in one app, and will make Paytm Money a super app for wealth management in India.
"This is expected to have a major appeal for young and millennial investors, who constitute more than 70 per cent of Paytm Money''s User base," the statement added.
WealthDesk founder and CEO Ujjwal Jain said that the partnership with Paytm Money takes away the friction of percentage-based investment products and opens up wealth creation opportunities to every Indian.
"WealthBaskets are back-tested for 20 years for their performance. Analysts create these baskets after extensive research of the company fundamentals and market conditions. We are confident about building simplified and affordable wealth creation opportunities for millions of Indians," Jain said.