- Partners with WealthDesk to offer investment portfolios called WealthBaskets as a first step towards building an advisory ecosystem
- WealthBaskets are theme-based stock & ETF Portfolios, created by SEBI registered investment professionals and backed by years of research; Investors hold WealthBaskets in their respective Demat accounts, making them highly transparent and liquid
- With an advisory marketplace, Paytm Money users get access to curated, and low-cost advisory services and products on Paytm Money App; Positions Paytm Money as a Super App for Wealth Management in India
India’s leading digital ecosystem for consumers and merchants (1), Paytm announced that its wholly-owned subsidiary Paytm Money is expanding to create a wealth and investment advisory marketplace on its platform, to offer curated advisory services and products to retail investors. In a first step towards democratising wealth creation, Paytm Money has partnered with WealthDesk, an innovative investment startup to offer investment portfolios called WealthBaskets.
Available on Paytm Money app, a WealthBasket is a custom portfolio of stocks/ETFs created by SEBI Registered Investment Professionals, and is backed by years of research and backtesting. These portfolios are created around certain themes that users can relate to. For example, investors who believe in the long term prospects of promoting manufacturing in India can invest in the “Make in India” WealthBasket, which includes stocks that are well placed to benefit from this theme. Users will be able to invest in multiple Wealthbaskets via the free starter pack or by subscribing to premium monthly packs available. WealthBaskets offer high transparency, liquidity, and control, as investors hold the portfolio stocks/ETFs in their respective Demat accounts, and are very cost-effective with no variable charges associated with incremental investments.
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% of Paytm Money’s User base (Age under 35)
Paytm Money CEO, Varun Sridhar, 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, and we are excited to offer WealthBaskets, curated investment portfolios created by subject matter experts. With this, Paytm Money offers retail investors an opportunity to invest in ideas, themes or trading strategies they believe in with low-cost wealth creation strategies, while also removing unnecessary risks.”
Ujjwal Jain, Founder & CEO of WealthDesk, said: “Our partnership with Paytm Money aligns with our vision of democratizing wealth creation on top of broking through flat subscription fee-based WealthBaskets. This takes away the friction of percentage-based investment products and opens up premium yet low-cost 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. WealthDesk is continuing to expand its ecosystem with several such partnerships in the coming months. We are confident about building simplified and affordable wealth creation opportunities for millions of Indians”.
WealthBaskets will be currently offered to a select set of users before a broader public release. Registrations are now open for early access on Paytm Money App.
(1) Source: “The Digital Transformation of Payments and Financial Services in India” dated July 15, 2021, prepared by RedSeer.