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Business News/ Brand Stories / Pluto Money: Reshaping Bharat's Savings and Investing Landscape

Pluto Money: Reshaping Bharat's Savings and Investing Landscape

With their innovative app, Pluto Money is empowering individuals and reshaping the way Indians perceive and engage with their finances

Pluto Money: Reshaping Bharat's Savings and Investing LandscapePremium
Pluto Money: Reshaping Bharat's Savings and Investing Landscape

New Delhi (India), June 28: Pluto Money, a pioneering financial app, has announced its public launch at a highly anticipated press conference. During the event, Danish Mohd, the visionary CEO behind Pluto Money, shared his insights into India's evolving savings culture and the nation's rapid digitalization. 

In a country known for its vibrant population and rich culture, financial inclusion remains a pressing challenge for millions of underserved Indians. However, Pluto Money is determined to bridge the gap and revolutionize India's savings and investing landscape. With their innovative app, Pluto Money is empowering individuals and reshaping the way Indians perceive and engage with their finances.

Growing up in a tier-4 city and studying in tier-1 cities, Danish Mohd witnessed the stark contrast between different socioeconomic realities. His father, who understood the importance of financial literacy, encouraged Danish to volunteer at a local bank and learn about money management. It was during those days that Danish realized the information and financial gaps surrounding him and developed a strong desire to make a positive impact. 

The COVID-19 pandemic became a turning point for Danish. Forced to return to his village for safety, he interacted with people around him and was amazed by their seamless use of digital platforms like UPI, WhatsApp, and YouTube. The younger generation showed a keen interest in investing, particularly in cryptocurrencies and stocks, seeking guidance from Danish, who had been investing for a long time. This experience ignited Danish's passion to create something that would cater to the needs of new-age India. 

Driven by the desire to address the low investment participation in the country and after talking to thousands of middle-class households and conducting numerous workshops and webinars, Danish Mohd & Team at Pluto Money discovered a startling fact: despite Indians collectively saving over 50,000 Crore each year, only a mere 2.9% of the population actually invests their money. The majority of these savings end up tied up in real estate, fixed deposits, or languishing in bank accounts. 

"India is on the cusp of a transformative journey when it comes to saving and investing," proclaimed Danish Mohd. "With only 2.9% of the population currently investing, we envision a future where 50% of Indians actively participate in the investment landscape." 

To tackle this issue, Pluto Money set out to provide a comprehensive solution that simplifies investing and overcomes barriers such as lack of time, knowledge, and sufficient funds. The app's user-centric approach aims to empower individuals with time-saving features, knowledge-enhancing resources, and personalized investment options. By guiding users based on their aspirations and goals, Pluto Money seeks to make investing accessible to all, bridging the gap between savings and investments. 

India's financial ecosystem has witnessed significant advancements in recent years, with initiatives like Jan Dhan, Aadhar, and India's forthcoming feat of surpassing an astounding 1 trillion Unified Payments Interface (UPI) transactions—a testament to India's swift embrace of digital transactions and the winds of change sweeping across the nation. However, a critical aspect remains unaddressed: catering to the emerging middle class, often referred to as "India 2." This segment comprises around 40 Crores households residing in smaller towns, earning between 25,000 to 40,000 per month. 

Traditional fintech companies have largely overlooked this segment due to perceived challenges such as limited market size and higher operational costs. Additionally, traditional banks have struggled to serve this demographic effectively, primarily relying on physical branch-led approaches that incur substantial operational expenses. 

By focusing on the emerging middle class, a segment comprising around 10 Crore households in smaller towns, Danish Mohd recognizes the untapped potential of this market. Pluto Money aims to reshape the financial ecosystem by offering personalized, tailored investment options according to one’s risk appetite and automated savings and investing, catering to the needs of millions of underserved Indians. 

Pluto Money's vision extends beyond being a mere financial app; it strives to be a movement. By emphasizing financial literacy and equipping individuals with the knowledge and tools to make informed decisions, Pluto Money aims to inspire a generation of financially savvy Indians. It stands at the forefront of India's financial revolution, offering a brighter and more secure financial future for all. 

Pluto Money represents a transformative force in India's financial habits. By empowering individuals, nurturing savings habits, and simplifying investment choices, Pluto Money paves the way for a future where financial freedom is within everyone's reach. Danish Mohd's journey from witnessing financial gaps to creating a platform that bridges them is a testament to the power of entrepreneurship and the potential for positive change in India's financial landscape.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. 

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Published: 04 Jul 2023, 06:03 PM IST
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