Paytm Money launches IPO investments

Paytm Money, the wealth management arm of One97 Communications Ltd, will allow users to invest and participate in upcoming initial public offerings (IPOs) in India on its platform, it said on Sunday.

Paytm Money will enable investors to instantly apply for the latest IPOs from their Unified Payments Interface (UPI) ID-linked bank accounts and complete the application process in three-four days.

The platform will also offer an interface to help users change, cancel or reapply the bids within the IPO window. It will also aim to introduce features that will allow investors to track upcoming IPOs, view company history, download the draft prospectus, and check the performance of past IPOs. This service will be available both on the Paytm Money app and the website.

The new service will give retail investors wealth creation opportunities as they will be able to apply and join the growth story of rapidly expanding companies, the company said.

“The Indian startup ecosystem has a growing appetite for entering the capital market. Now more companies want to raise capital from a broader set of investors with a public listing. Investors are also increasingly willing to diversify their portfolio. This presents a big opportunity and we intend to make the process more accessible. In the near future, we plan to launch IPO funding, derivatives trading, margin finance, and a host of other value-added features to make investing seamless and convenient," said Varun Sridhar, chief executive officer, Paytm Money.

Paytm Money’s competitor Zerodha, which started the service in August 2019, is touted to be one of the largest digital brokers by the number of IPO applications. Other digital wealth management platforms that allow users to participate in IPOs are Groww and Upstox.

During March-November, the National Stock Exchange (NSE) and BSE raised a total of ₹24,973 crore via 12 IPOs. Some of the successful IPOs include SBI Cards, Mazagaon Dock, Rossari Biotech, Happiest Minds, and CAMS. Happiest Minds and Rossari Biotech were oversubscribed, according to NSE’s data.

In September, Paytm Money claimed to have 6.6 million subscribers, surpassing Zerodha’s 3 million.

Paytm Money said that 70% of its users are first-time retail investors, while Zerodha claimed that 65% of its users are new.

Earlier this month, Zerodha had also announced the launch of a new platform, which allowed users to gift stocks, exchange traded funds (ETFs), and gold bonds to others. The company also said that it will enable gifting of mutual funds to minors.

Recently, the chief executive of National Payments Corp. of India (NPCI), Dilip Asbe, said UPI has seen 10x growth in India and will grow at the same rate as new use cases, such as retail investing for IPOs through UPI and, features, such as Autopay, are added.

Sandip Ginodia , CEO

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