Founder Vijay Shekhar Sharma said in a report by Business Insider that the company gets bulk of its revenue from payments and after building the e-commerce business started working on 'financial services stack.
"We are doing good in mutual funds and we hope to do stock brokerage soon which will be launching in the next few weeks,’ said Sharma in the report.
The company received approval for stockbroking from SEBI in January this year. The company said in a statement that they were on track to become a ‘full-stack wealth management platform’ and are hoping to ‘bring wealth creation opportunities to millions of Indians.’
The stockbroking portfolio will be under the Paytm wealth feature. With this step, the company will now compete with the likes of other financial service companies such as Zerodha which has over 2.8 million retail customers.
Paytm had also recently expanded its insurance portfolio by acquiring the Mumbai-based private sector general insurance company Raheja QBE.
"It is an important milestone in Paytm's financial services journey and we are very excited to welcome Raheja QBE General Insurance into the Paytm family.
Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company," said Amit Nayyar, Paytm president, said in a statement.