Paytm Money, the wealth management arm of digital payments company Paytm, has promoted Pravin Jadhav, currently its whole-time director, to managing director and chief executive officer, the company said in a statement.
Jadhav was appointed as whole-time director of the company in June 2018.
"In the last one year, under Pravin's leadership, the team at Paytm Money has built an entire organisation, product, and business grounds up. As a true entrepreneur, Pravin has made Paytm Money from an idea to India's largest mutual fund investment platform today," said Vijay Shekhar Sharma, founder & chief executive officer, Paytm.
Jadhav was the founder and chief executive officer of social wishlist startup Wishberg. After it shut shop in 2014, he joined digital recharge platform FreeCharge as head of growth before leaving in June 2016. His career also includes stints at news and shopping portal Rediff.com and device management platform Servify.
"Everyday we continue to build Paytm Money to manage user's trust. It has been an exciting journey so far with Paytm Money and I am looking forward to the massive opportunity that lies in front of us to make investments more simpler, transparent and accessible to millions of Indians," said Jadhav.
Paytm claims to have over three million users on its investment platform. It also aims to invest Rs 250 crore over the next 18-24 months by launching new businesses including stock broking and national pension system (NPS).
Bengaluru-headquartered Paytm Money was launched in January 2018 to build investment and wealth management products for its users. The company offers investment and wealth management products to its users through a mobile application.
Paytm Money was reportedly planning to raise as much as $1.2 billion in a funding round in June 2019.
In February 2019, the company appointed Suresh Vasudevan as its chief technology officer.