Paytm Money opens new Technology Development Centre in Pune, aims to expand the team to 250 engineers & data scientists

- Pune R&D facility to become a prominent centre for technology innovation in wealth management

- Plans to hire 250 plus front-end, back-end engineers and data scientists

- The city is an important hub for the company due to its abundance of talent, vibrant start-up culture, robust infrastructure and top engineering schools

by Shrutee K/DNS

India’s homegrown digital financial services platform Paytm, today announced that its wholly-owned subsidiary 'Paytm Money' has launched its 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. Paytm Money's success can be attributed to seamless, hassle-free technology, lower or no cost delivery of stocks & FNO trades, as well as the lowest commission in the industry for best-in-class brokers.

Paytm Money thrives to simplify investments and wealth creation for retail investors, and the new facility at Pune will focus on driving product innovation, specifically for equity, mutual funds, and digital gold. The company's escalated focus on hiring stems from its commitment to delivering a superlative user experience on the back of robust operational competence, agile technology infrastructure & a team of diverse domain experts.

Varun Sridhar, CEO - Paytm Money said “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 has launched a slew of new products and services aimed at empowering seasoned investors as well as new to investment users. It aims to achieve over 10 million users & 75 million yearly transactions in FY'21 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. Its recently launched products including equity broking, IPO, ETF & FNO are encouraging new investment users to build a robust portfolio. To increase awareness around wealth products in the country it plans to educate over a million users about different services through education initiatives.