Paytm Money levels up against Zerodha — launches a new feature that allows retail investors to apply for IPOs

• Through the latest feature, retail investors will be able to apply for investments in Initial Public Offers (IPOs) in India.
• For instant application for an IPO, investors will be able to invest through their UPI IDs on the Paytm Money app.
• Paytm Money competes with Zerodha, INDMoney, Groww, and others in the stock broking industry.

Paytm Money has gone deeper into the broking sector, as the Vijay Shekhar Sharma-led company has now launched IPO investments on its platform. Through the latest feature, retail investors can apply for investments in Initial Public Offers (IPOs) in India.

For an instant application for an IPO, investors will be able to invest through their UPI IDs on the Paytm Money app. “The company is leveraging the convenience of UPI infrastructure to offer a faster turnaround time reduced to 3-4 days for completion of the entire process,” said the company.

The latest feature offers investors a host of services including making changes, cancellations or reapplying the bidding application with the IPO window. Investors will also be able to keep a track on upcoming IPOs, get access to prospectus and also check the performance of past IPOs on the platform.

“The Indian start-up 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. Likewise, investors are also increasingly willing to diversify their portfolio. This presents a big opportunity and we intend to make the process more accessible to our fellow citizens. In near future, we plan to launch IPO funding, derivatives trading, margin finance and a host of other value-adding features to make investing seamless and convenient. This is aligned with our mission to drive financial inclusion across the country,” said Varun Sridhar, CEO - Paytm Money in a statement.

A whole host of IPOs are lined up in December, starting with Burger King India that opens on December 2.

Paytm Money competes with the likes of Zerodha, INDMoney, Groww, and others in the stock broking industry. However, Paytm Money claims that within the first year of the launch it aims to garner 8 to 10% of applications market share.

Paytm had launched its stock broking feature only in July, 2020, while it had received the approval for stock broking from SEBI in January 2020.

SEE ALSO:
Burger King India is all set to float its ₹810 crore IPO next week — Here are the details