Paytm Money sees 143% jump in SIP, monthly registration doubles in FY20

Digital financial services firm Paytm Money on Monday said that monthly investment volume in systematic investment plans (SIP) has risen by 143% on its platform in 2019-20.

The company said that it has completed two years of business and has been able to acquire 66 lakh customers to invest in various financial services out of which 70% users were the first time investors.

"Over the last two years, we have enabled new users from small cities and towns to invest with confidence by providing innovative & personalized services. We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion," Paytm Money CEO Varun Sridhar said in a statement.

The company said it registered a 100% increase in monthly new SIP registrations on a year-on-year basis in 2019-20.

In the last financial year, "Paytm Money registered over a 100% increase in Monthly New SIP registrations and a 143% increase in Total Monthly Investment volumes. It now clocks total investment of over ₹20 crore in mutual funds volume," the statement said.

The parent firm of the company Paytm last week announced that its revenue has increased to ₹3,629 crore and losses have narrowed by 40%.

The loss of Paytm in 2019-20 was ₹2,597.46 crore while in 2018-19 the company had posted a loss of ₹4,150.47 crore.

Paytm Money said that over 2.5 lakh users have registered for its stockbroking service in less than a month of its launch.

"We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion. With the launch of our stockbroking platform, we plan to repeat the disruption we bought to the mutual fund industry and in a few years be the number one equity platform," Sridhar said.