Paytm Money witnessed boost amongst millennials in FY21: Report

Paytm Money Ltd received an average sum of ₹70,000 in variegated asset classes by the investors in the financial year 2021, wherein, more than 80% of the investors fell under 35 years of age.

Paytm Money Ltd received an average sum of ₹70,000 in variegated asset classes by the investors in the financial year 2021, wherein, more than 80% of the investors fell under 35 years of age. These were the key takeaways from Paytm Money’s annual report, titled, “How the young Indian millennial invests.”

Paytm also witnessed a whopping download rate of more than 6 million users, which simultaneously revealed activation of 210,000 Demat accounts between August last year and March 2021.

Correlating with the findings of the survey, Varun Sridhar, Chief Executive Officer of Paytm Money, said: “In the last one year, we have seen a transformation in the way our users invest. Through education and open dialogue on investments, we have been able to open up more users to the idea of wealth creation, along with products that help in building a strong portfolio. We believe that wealth management in the country needs to be democratized, embraced, and adopted by all.”

As per the recent reports, more than 25% of equity users invested an average of ₹28,834 in ETFs. About equity trading on the platform, 210,000 accounts were opened by 31 March 2021. “In the last year, investors on average did 10 transactions in stocks per month and hold ₹46,000 worth of stocks in the account, while they added over ₹74,000 for investing. Many users traded or invested in 15 stocks and 41% traded intraday,” the company proclaimed in a report.

Nevertheless, this platform also accounted for the wealth creation journey for about 44% of the total users whose base belongs to Maharashtra, Gujarat, Uttar Pradesh, Delhi and Karnataka.

Source Mint
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