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Paytm joins the bandwagon to offer broking services

Paytm is going to add spice to the highly competitive broking industry, as it has announced to start the broking services for its users from its flagship product Paytm Money. UnlistedZone a few days back has reported that Paytm Money has appointed Varun Sridhar a new CEO to lead broking business. Varun Sridhar is a seasoned player who has earlier worked with BNP Paribas.

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Paytm Money Appoints Varun Sridhar as New CEO

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

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Paytm Payment bank has shown profitability in last 2 years

As per the Paytm recent blog, the Paytm payment bank arm has shown profitability once again in the FY19-20. In FY19-20, Paytm payment bank has shown a profit of ~30 Crores as compared to ~20 Crores last year. The profitability has come on the back of acquisitions of users in smaller cities. Paytm payment bank this year has clocked a revenue of ~Rs.2100 Crores.

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