After getting into insurance, E-commerce, and banking sectors, Fintech unicorn Paytm will operate in brokerage services in the coming weeks.
Vijay Shekhar Sharma said: "Payments are the biggest revenue for us and a few million dollars come from that standalone, and then we became the number 2 industry in terms of ticket and event trading and the third number in e-commerce. " Founder and CEO of the Alibaba-backed firm. "Then we started to build our financial services portfolio with banks and we hope to make loans." We are good at mutual funds and look forward to doing stock brokerage that is expected to start in the next 2-3 weeks, "he said while speaking at the Global Fintech Fest."
Paytm had received approval for brokerage services from the market regulator Securities Exchange Board of India (Sebi) in January this year.
Sharma said obtaining a source of capital to expand the long-term loan business was the reason he was buying the insurance company QBE Nectar earlier this month. "If we want to be a great company after 15 years, we must be an incredible insurance company. The largest amounts are kept with insurance companies. In India, Life Life Corporation acts as a rescue machine whenever there is capital required or, globally, Berkshire Hathaway to AIA has large amounts of capital available to be deployed. "he added
He said in a fireside chat with Rajan Anandan: "People question our options for top-up companies, bank payments, and insurance companies. I consider Paytm to be a business on the horizon for 10-20 years and not as companies where we have then change the car. "Rajan Anandan, Managing Director of Sequoia Capital India.
Paytm and Sharma jointly acquired Raheja QBE General Insurance for nearly Rs 568 crore earlier this month.
The Covid-19 has also led to an increase in the volume of transactions for the company. He added: "On average, an active Paytm user makes between 2.5 and 3.5 times more transactions on average weekly."
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