Domestic digital financial services platform Paytm announced Thursday that its wholly owned subsidiary, Paytm Money, has opened a new technology development and innovation center in Pune.
The company also plans to expand the team and hire over 250 front-end, back-end engineers and data scientists to develop new wealth products and services.
The new facility in Pune will focus on driving product innovation for Paytm Money, particularly stocks, mutual funds and digital gold.
Varun Sridhar, CEO of Paytm Money, said, “We are very excited to open our Pune Tech research and development center and look forward to developing new wealth management products and disruptions in Pune. We continue our vision of using technology to reduce costs for our consumers and provide a solid, innovative and stable platform. We need solid engineering talent to fulfill our ambitions. “
“Pune is famous for its high quality education and offers a great talent pool as well as good infrastructure and great weather. We believe Pune is poised to become a fintech innovation hub and was a natural choice for Paytm Money’s expansion plans, ”added Sridhar.
The company is targeting over 10 million users and 75 million annual transactions with the majority of small town users in FY21. Recently launched products include Equity Broking, IPO, ETF & FNO. The company is headquartered in Bengaluru and has a current team of over 300 members.
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