Bengaluru, Aug 23 (IANS) Paytm Money one of India’s largest online platforms for mutual fund (MF) investments, on Friday announced a new offering which allows users to subscribe to NFOs (New Fund Offers) of mutual funds. With this, the platform will allow investments in NFOs from all 40 AMCs in India.
“Paytm Money has continued to focus on digitising and making investing seamless and near-real time since its launch; this includes fastest daily portfolio updates, flexibility to manage SIPs, real-time transactions processing thereby eliminating cut-off times, portfolio top-up and more.
“As a result, the company has been witnessing increasing adoption from existing mutual fund investors over the past few months. The platform has been continually improving its user experience to cater to the requirements of such investors and NFO subscriptions is the first of many such planned offerings,” a Paytm Money statement said.
Noting that investors, over a period get aligned with the investment philosophies of particular AMCs or Fund Managers, the company’s whole-time director Pravin Jadhav said: “NFO subscriptions on Paytm Money will bring ease of starting a long investment relationship for such users from day zero.”
Within a year of its launch, Paytm Money, the wholly owned subsidiary of One97 Communications that owns & operates Paytm, has been able to grow to a user base of over 3 million with its focus on simplifying the investment experience.
“The mutual fund industry is expected to grow exponentially and double its size within the next 4-5 years. We expect a few new AMCs will be launched and also existing small / mid-sized AMCs to offer new unique scheme offerings to fill the market gaps. Our NFO offering today on Paytm Money is a reflection of our positive outlook towards the industry,” Jadhav added.
Starting immediately, Paytm Money users can browse through all announced NFOs and can opt-in to get notified when NFOs are open for subscription.