Online platform for mutual fund investments Paytm Money has received Rs 28.8 crore in a fresh round of funding from its parent entity One97 Communications, according to filings with the Registrar of Companies. This round could be part of the overall $10 million which One97 Communication had committed to invest in the mutual funds’ platform in a span of 18 months.
As per the filings, Paytm Money has raised close to Rs 55 crore between November last year and January 2019. Which means that its parent entity has fulfilled its initial commitment into the subsidiary. Further filings with ROC also show that the authorised capital of Paytm Money has been increased to Rs 200 crore, indicating that in the coming months. One97 Communications could infuse more funds into Paytm Money.
The company did not respond to email queries from ET. Paytm Money is a wholly owned subsidiary of One97 Communications which runs the country’s largest digital payments company Paytm. The platform allows consumers to invest into mutual funds through the ‘direct route’ thereby promising higher returns to investors.