Vijay Shekhar-led Paytm Money is planning to raise about Rs 8,360 crore from top investor groups like SoftBank and Ant Financial. As per a report in Business Standards, the company has a valuation of about Rs 34,833 crore and might achieve the unicorn status if the company successfully pleases the investors to raise the expected amount.
Paytm is a subsidiary of One97 Communications that offers an online platform for commission-free investment in mutual funds. It has acquired a user follow up of about 1 million users within eight months from its launch. The company deals with debt mutual funds, insurance, forex, and offers investment advisory for equity services. The company is gaining momentum because of the growing Indian market in the vertical of financial services.
The startup has portfolios of mutual fund schemes to serve the needs of all types of investors. The company had taken the initiative of catering its users some investment packs after its launch as its advisory product. The startup is now adding on to the investment packs by enabling easy access to mutual funds by UPI, providing a user-friendly app to track personal mutual fund investments. The startup's app also allows to register a SIP and pay later to attract the attention of the users.
Paytm Money is dependent on the global investors as it has received a mere Rs 28.8 crore as investment from its parent company.
Vijay Shekhar-led brand names like Paytm and Paytm Mall have obtained the unicorn status. Paytm Money is just in the queue to achieve it. If the investments run down smoothly, Paytm Money might be the next competitor to the edu-tech unicorn BYJU's.
