Paytm to enter mutual fund industry with a new app
Paytm will kick off its mutual fund distribution business by the end of April with the launch of a mutual fund app, which will offer investors products from 12 of the 15 largest AMCs in the first phase. Paytm aims to emulate the success of Reliance Jio, whose entry shook up India’s telecom market, in the mutual fund distribution business. Nearly half of Paytm’s transactions occur in small towns. According to the Association of Mutual Funds of India, only 28% of individual investors’ assets in mutual funds come from “beyond the top 15”, towns, as of February, up from 25% in 2017.