April 2, 2021: Indian digital financial services platform Paytm's subsidiary 'Paytm Money' has set up a technology development & innovation centre in Pune.
It also plans to hire over 250 front-end, back-end engineers & data scientists to build new wealth products and services. The new facility at Pune will focus on driving product innovation, specifically for equity, mutual funds, and digital gold.
Says Varun Sridhar, CEO, Paytm Money: “We are very excited to launch our Pune tech R&D centre and looking forward to developing new wealth management products and disruptions in Pune. We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform. We need solid engineering talent to ensure we meet our ambitions. Pune is famous for its high-quality education and offers a great talent pool along with good infrastructure & great weather. We believe Pune is poised to become an innovation hub for fintech and was a natural choice for Paytm Money’s expansion plans.”
The company aims to achieve over 10 million users & 75 million yearly transactions in 2021 with the majority of users from small cities and towns. It has become the largest platform for Digital Gold and is set to cross 6000Kgs of gold volumes.