Paytm Money To Help Retail Investors Invest In IPO From Now
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Homegrown digital transaction provider Paytm on Monday announced that its wholly-owned subsidiary Paytm Money now facilitates investments in initial public offerings (IPOs) in the country. The Vijay Shekhar Sharma-led company claims that this additional feature will benefit retail investors with wealth creation opportunities as they will seamlessly be able to seamlessly transact. The platform within the first year of launch is targeting 8 -10 per cent of applications market share.
The complete process of IPO application has been made online thus allowing retail investors to apply for IPO from the length and breadth of this vast country. The retail investors with the help of Paytm Money can now subscribe for IPOs through UPI that are linked to their respective bank accounts. The company targets to complete the entire process of subscribing for an IPO within 3-4 days.
Users on Paytm Money will have the prerogative power such as make changes and cancel or reapply the bidding application during the stipulated IPO window. Any user will be informed about the upcoming IPOs, check company history along with its details, past IPO performance and download its prospectus. An user can enjoy all these features either on Paytm Money app or on its website.
Commenting on the development, Varun Sridhar, chief operating officer of Paytm Money, said, “The Indian startup ecosystem has a growing appetite for entering the capital market, now more companies want to raise capital from a broader set of investors with a public listing. Likewise, investors are also increasingly willing to diversify their portfolio. This presents a big opportunity and we intend to make the process more accessible to our fellow citizens. In near future, we plan to launch IPO funding, derivatives trading, margin finance and a host of other value-adding features to make investing seamless and convenient. This is aligned with our mission to drive financial inclusion across the country.”
With the launch of the service, Paytm Money will lock its horns with bootstrapped turned unicorn startup Zerodha.