Paytm Money on Sunday said that it will allow users to invest and participate in upcoming initial public offerings (IPOs) in India on its platform.
Notably, Investors on its platform will have the option to quickly apply for the latest IPOs from their Unified Payments Interface (UPI) ID-linked bank accounts and complete the application process in 3 to 4 days. It will also include an interface to help users change, cancel, or re-apply the bids within the initial public offerings 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. The service will be available both on the Paytm Money app and the website.
"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 portfolios. 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.
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Money offering stockbroking services and Mutual fund trades
Paytm keeps a niche: India’s Largest LPG Cylinder Booking Platform