Wealth administration arm of One97 Communications, Paytm Cash has obtained Rs 60 crore in contemporary tranche from the holding firm amidst enlargement, progress and introduction of recent merchandise. That is the second infusion from the mum or dad entity previously couple of months.
Paytm Cash has allotted 600,00,000 fairness shares at Rs 10 per share to boost Rs 60 crore from mum or dad firm One97 Communications, exhibits regulatory filings.
In July 2019, One97 Communications had introduced to make a further Rs 250 crore funding in Paytm Cash within the subsequent 12-18 months. Two months in the past, the agency had picked up Rs 40 crore from the mum or dad firm. Like earlier investments, the corporate is prone to deploy it in the direction of sourcing up merchandise, strengthening expertise, and increasing its workforce.
For Paytm Cash, the continued calendar yr has been stuffed with ups and downs. In the beginning of 2020, Paytm Cash’s MD and CEO Pravin Jadhav put in his papers adopted by resignations of the corporate’s chief expertise officer Suresh Vasudevan and head of operations Beejish Pillai.
Quickly after their resignations, Paytm Cash roped in Varun Sridhar as its new Chief Govt Officer. Sridhar’s appointment got here simply earlier than the corporate’s plan to enter the stockbroking section. Since his arrival, Sridhar has been busy launching fairness brokerage options together with mutual funds, NPS, and gold providers.
Product-wise Paytm Cash claims to have grown quickly previously couple of months. The introduction of stockbroking together with exchange-traded funds has been obtained effectively. Furthermore, the corporate just lately claimed that its digital gold enterprise has grown 2X within the final six months with common order worth going up by 60%.
Whereas the monetary efficiency of Paytm Cash in FY20 is but to be public, the agency had spent round Rs 37.62 crore in complete to generate a turnover of Rs 76.26 lakhs in FY19. The corporate competes with Zerodha, Ind Cash, Groww amongst others.