As per the news sourced from Paytm blogs, Varun Sridhar has joined as Paytm Money’s new CEO. He will manage and develop Paytm’s broking, Mutual funds, NPS, and Gold services business.
Before joining Paytm, Varun was previously the part of top retail banks in India and abroad. He has worked 7 years with BNP Paribas, where he led the acquisition and integration of Sharekhan and BNP Paribas. After that, he has also worked as CEO in Finshell India, an OPPO Group company. The Finshell platform offers UPI payments, mutual funds, personal loans, channel finance, insurance, and free credit reports. The past experience of Varun in similar businesses will help Paytm Money achieves its mission to empower millions of Indians with wealth management products.
Paytm’s Money is headquartered in Bengaluru and has a team of 300 employees. The company claims to have 60 Lakh users on its platform, buying a direct mutual fund and investing in NPS.
The Paytm Money has already received the broking license from SEBI and they are expecting to hit the market with equity services next year. They have also set aside to invest Rs.250 Crores in the equity business to grow it. However, the competition is very tough in the broking industry with discount brokers such as Zerodha, 5Paisa, Uptox, etc are already running businesses in very thin margins. Let us see how this business unfolds for Paytm.