Paytm Money reports to have touched the customer base of 6.6 million. In effect it has surpassed Zerodha, one of the largest retail brokerage firms in the country, by volume.
The One97 communications’ subsidiary company completed two years of operations, said 70% of its user are first time investors.
“We are on a mission to democratise wealth services for millions of Indians that would play a key role in building Atmanirbahar Bharat. Over the last two years, we have enabled new users from small cities and towns to invest with confidence by providing innovative and personalized services. We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion” said Varun Sridhar, CEO, Paytm Money.
Bengaluru based Zerodha with a valuation of $1 billion, continues to facilitate 5 million orders daily, according to the company. It accounts for 15% of India’s daily equity transaction volume.
Zerodha founder Nithin Kamath had stated that it was aggressively acquiring new users, adding 250,000 new unique accounts every month. It is estimated to currently have 3 million accounts.
Paytm Money started offering stock-broking service in August in spite of procuring a licence from Securities and Exchange Board of India (SEBI) in April, 2019. It has also partnered with payment gateways to facilitate efficient payment systems.
Zerodha is looking to launch its ‘loan against securities’ product this month. It has received the NBFC approval in 2018.