Digital financial services conglomerate Paytm Money recorded an average investment of over Rs 70,000 per Demat account holder in FY21, with millennials leading the segment, according to an annual report data published in a Paytm blog. According to the report, Paytm Money has opened 2.1 lakh Demat accounts till March 31, 2021, of which 80 percent were below 35 years of age.
Commenting on the development, Paytm Money CEO Varun Sridhar said, "In the last one year, we have seen a transformation in the way our users invest. Through education, open dialogue on investments, we have been able to open up more users to the idea of wealth creation along with products that help in building a strong portfolio. We believe that wealth management in the country needs to be democratised, embraced, and adopted by all”
Paytm noted that the number of female investors has doubled on the platform who are experimenting and investing in different wealth products. According to the report, women are two times more than men on the platform. ''While most of India has shown initiative in starting their wealth creation journey on the platform, around 44 percent of the total user base belong to five states, including Maharashtra, Gujarat, Uttar Pradesh, Delhi, Karnataka,'' the report said. Of the total Demat account holders, over 64 percent invested in mutual funds, close to 28 percent in equity, and the rest in digital gold.